The China Insurance Regulatory Commission reports that there was a meeting recently, in Beijing, on opening the Shanghai Insurance Exchange in the Lujiazui area of Shanghai's Pudong New District, with 2.2 billion yuan ($336 million) in registered capital.

The exchange will have such institutions as Pingtan An Insurance, the PICC Property and Casualty Co, and Shanghai Life Insurance Co, as shareholders, with 75 percent of its stock, as well as non-insurance firms, such as the Fosun Group and Commercial Aircraft Corp of China, with the remaining 25 percent. Its businesses cover insurance, international reinsurance and insurance assets management.

In commenting on the move, Liang Tao, vice-chairman of the China Insurance Regulatory Commission, said at the meeting that the exchange is a significant move for China in developing the modern insurance service sector and it helps with supply-side reforms in the insurance sector.

Liang also mentioned that the bourse will focus on international reinsurance, shipping insurance and large insurance projects and will develop more businesses and functions to become a comprehensive insurance service site nationally.