China to allow insurers to invest in overseas equity soon
Afp, Beijing
China will soon give the nod to insurers to invest in overseas equities as part of efforts to channel more excess domestic cash abroad in search for higher returns, state media said Friday. "The long-awaited new rules on insurers' overseas investment will be issued in one or two months," said Sun Jianyong, an official of the China Insurance Regulatory Commission, the industry watchdog, according to the China Daily. Sun said at a forum in Beijing that the regulator would initially allow insurers to invest in mature stock markets such as London and New York this year, the report said.
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