A draft amendment intended to bring China into line with the World Trade Organisation was presented to the National People’s Congress in Beijing last week. The changes include new rules for life insurance and reinsurance. Insurance businesses will be able to invest in other businesses, and rates will be freed from controls.

According to the Xinhua news agency, restrictions under the present law “hinder the development of the professional and pluralistic insurance agent, leading to a monopoly of the old insurance business that acts against fair competition”.