Shanghai will pilot insurance exchange

BEIJING - The central government will initiate a pilot insurance exchange in Shanghai, said Wu Dingfu, the head of the China Insurance Regulatory Commission (CIRC).

"Setting up an insurance exchange is part of Shanghai's plan to become an international financial center, which is something the CIRC, as a financial regulator, strongly supports," Wu said on Sunday at the annual session of the National People's Congress.

"The Shanghai government and the CIRC have fully discussed the issue and the initial decision has been made to pilot an insurance exchange in Shanghai."