A European Union official urged Beijing to loosen the rules on foreign insurance companies seeking to do business in China.

The EU is dissatisfied with Chinese rules restricting overseas life insurers to holding minority stakes in a Chinese insurance company and no more than 50% of a joint venture, said Serge Abou, head of the European Commission's delegation to China.

"I can't avoid mentioning that this is a market-access limitation that my authorities would want to see removed," Abou said.

Foreign insurance companies also face difficulties expanding geographically in China, even though there technically aren't any restrictions on where they operate, he said.

Abou said he was not sure whether the problem was administrative or regulatory, but "the end result is that geographical extension is prevented."

He urged China to treat foreign and domestic insurance companies in a non- discriminatory manner.

He also urged China to provide regulatory clarity on cross-sectoral business.

Source:佚名