Insurers urged to go public

Beijing is encouraging Chinese insurance companies qualified for stock market listings to go public.

China News Service Beijing yesterday quoted Wu Xiaoping, vice-governor of the China Insurance Regulatory Commission, as saying he hoped insurance companies could join the listing fray.

His comments have come as Beijing is hoping to boost its financial institutions through public listings to raise their capital bases and help diversify risk.

Banks will be given priority, followed by insurance and brokerage houses.

The financial services sector has always been highly protected in China.

The move to strengthen the sector has gathered pace as Beijing prepares to join the World Trade Organisation by the first half of next year.