China’s new guidelines push for broader coverage, better services by 2029

It also aims to curb illegal activities in the sector.

China's State Council has issued new guidelines which should have the sector fully develop its market system, diversified products and services, and strong international competitiveness, backed by scientific regulation by 2035.

The guidelines set a goal for the insurance industry to establish a framework by 2029 that includes expanded coverage, improved services, stable asset allocation, and sufficient solvency. 

The plan emphasises stricter regulation of insurance market access and ongoing supervision of institutions. It also aims to curb illegal activities in the sector and mitigate risks through orderly measures.

In addition, the guidelines advocate for diversifying catastrophe insurance, developing commercial retirement products, expanding health insurance, and optimising inclusive insurance. 

These measures are intended to enhance the industry’s ability to support public welfare and serve national strategies, including technological innovation and the development of modern industrial systems.

The guidelines also highlight the need for continuous reform, increased openness to foreign participation, more accurate product pricing, and the integration of digital technologies to boost sustainable development in the insurance sector.