CHINA

Foreign Insurance Concerns in Joint Ventures May Be Allowed: Citing comments by Deng Hongguo, an official at the People’s Bank of China, the Ming Pao Daily News reported that the central bank will not, however, allow foreign companies to set up wholly-owned subsidiaries. The insurance industry has experienced an average 40% growth in recent years, the Hong Kong-based Chinese-language newspaper said. There are now 26 domestic insurance companies in China; three do business throughout the country, and 17 are regional companies. China’s leading insurance company, the People’s Insurance Co. of China, has complained that restrictions on its investment makes it impossible to compete with foreign companies.