By Tian Hui, Research Institute of Finance, DRC

Research Report, No.303, 2020 (Total 6047) 2020-12-16

Abstract: Due to the booming growth momentum of China’s insurance industry during the 13th Five-Year Plan period, its leading role in the world’s insurance development has become further enhanced. Although it is still undergoing an adjustment and transitional period across the board, its pace of reform and opening-up has never stopped with historical breakthroughs made in the fields of foreign investment admission, taxation support and catastrophe insurance. The year of 2021 marks the first year of China’s 14th Five-Year-Plan and insurance industry will face more stern external challenges. In the meantime, it will shoulder more responsibilities in the course of building China into a modern socialist country. To this end, the insurance industry needs to address the choking points hindering its service to the development of real economy and curbing its ability to prevent financial risks. The industry needs to clearly define its following major tasks. It needs to focus on enhancing insurance products and services in a more popular and scientific manner to ensure its function and underlining the specialization-based competitiveness and stability with regard to industrial development. To realize the goals mentioned above, it is necessary to further improve the relevant laws and regulations, policies and supervisory environment, and promote related guarantee measures to a new high in terms of scope and depth.

Keywords: insurance industry, service, real economy, the 14th Five-Year Plan (2021-2025)