Car insurance rates set to fall soon

Motorists could be paying less for their car insurance soon, following a move by the insurance regulator on Friday designed to make rates offered by insurance companies more competitive.

The China Insurance Regulatory Commission announced a new measure, reducing the maximum discount on auto insurance premiums to as low as 33.75 percent from 43.35 percent.

The move is the latest development of China's ongoing reform of the auto insurance market, which was initiated by the regulator in 2015. The limit on the discount rate was 70 percent prior to the reform.