China’s insurance industry regulator will ease restrictions on the number of companies insurers can invest in and expand financing channels for mergers and acquisitions—moves that may allow foreign insurance companies operating in China to expand their business footprint in the market.
China Market Intelligence
China’s long-awaited urbanization plan indicates that the country’s leaders will focus on increasing access to social services, allowing greater labor mobility through residency permit reforms, and increasing the role of the market in real estate pricing.
In 2014, China’s agencies in charge of energy and the environment (E&E) are focused on implementing national policies to address air pollution, strengthen environmental protection regulation, diversify China’s energy mix, and improve regulatory efficiency, according to various agencies’ 2014 work plans (links to which are provided in the attached PDF).
Senior Chinese officials continued to emphasize the importance of market-oriented economic reforms at China’s recent meeting of parliament, though little substantive commercial legislation was passed during the session.
Speaking at this year’s meeting of the National People’s Congress, Premier Li Keqiang urged Chinese policymakers to “declare war” on pollution as part of China’s transition to a more sustainable economic model.
The US-China Business Council (USCBC) will recommend solutions to foreign investment, intellectual property, and administrative licensing issues in China in a yearly submission to US government trade talk representatives this week.
US exports to China experienced a surge at the end of 2013, capping off a year of steady bilateral trade growth and continuing economic recovery. US exports to China grew by 24 percent year-on-year in the fourth quarter of 2013, led by oilseeds and grains, according to data from the US International Trade Commission.
Bilateral engagement between the United States and China has begun to ramp up, with the US-China Business Council (USCBC) taking an active role in discussing key business issues with governments from both nations.
The Obama administration yesterday formally nominated Senator Max Baucus, D-MT, to be the next US Ambassador to the People’s Republic of China. Once confirmed, Baucus will succeed Ambassador Gary Locke, who has served in the position since 2011.
Over the past four decades, China has seen the largest migration in human history. Since 1979, more than 300 million rural residents have moved into China’s cities, bringing the country’s urban population to 710 million. This has increased the proportion of China’s urban population from just 17.9 percent in 1978 to 52.6 percent today.