Shanghai signs a strategic cooperation agreement with China Taiping Life Insurance

The Shanghai Municipal Government signed a strategic cooperation agreement with China Taiping Life Insurance Co Ltd on Monday.

Shanghai Party Secretary Li Qiang and Mayor Ying Yong met Taiping’s Chairman Luo Xi and his delegation.

Ying and Luo presided over the signing ceremony and unveiled the name plate for the China Asia-Pacific Reinsurance Research Center.

Li said Shanghai is working hard to build itself into an international center of economy, finance, trade and shipping as well as a technology and innovation center, and the insurance industry is a dispensable part of modern finance.

China Taiping Life Insurance Co and Shanghai have great cooperation potential. The city hopes the company can move more of its institutes and business into Shanghai, and support the city’s efforts of building itself into an international financial center.

The city will provide better services to companies operating in the city and promote more cooperation projects with Taiping in more industries to better serve the country’s development strategies and the real economy and keep improving Shanghai’s international competitiveness and influence as a financial center, Li added.

Ying said the city welcomes Taiping to increase its investment in the city and get more involved in the city’s efforts of building itself into a financial center. The city will provide a fairer and more efficient market and business environment.

Luo said Shanghai is China’s biggest economic center and Taiping started its business in the city. The city has a good foundation for the insurance industry, such as aggregated resources and high-end talent. Taiping will seize the opportunity and promote more cooperation with the city and it will better serve the city’s living standards and industrial development.

Zhuge Yujie, secretary-general of the CPC Shanghai Committee, also attended the meeting. Wu Qing, vice-mayor of Shanghai, and Wang Sidong, genera-manager of China Taiping Life Insurance Co signed the cooperation agreement. Shanghai International Group and Taiping Reinsurance Co signed a letter of cooperation intent.

According to the agreement, the two parties will expand the existing cooperation and support the financial institutes’ establishment and development in Shanghai; enhance the livelihood projects; promote the usages of insurance capital and insurance innovation; and strengthen the finance talent’s cultivation and exchange.

Also, Taiping Insurance Co will promote the city’s efforts of building its centers of assets management, data, operation, R&D, and training, and the city will support its state-owned companies to cooperate with Taiping.