Xiang Junbo, president of the China Insurance Regulatory Commission (CIRC) visited China Post Group Corporation on an inspection tour on November 27, 2012.
Xiang praised China Post for its achievements in the insurance business and the contributions it has made to the establishment of a State-covered social insurance network.
He said that according to the plan made during the 18th CPC National Congress, Chinese people's personal income will double in the year 2020, causing an increase in insurance demand in China. He added that China Post's insurance business will have more development opportunities in the next ten to twenty years.
In addition, China's rapid urbanization will mean that many other insurance products, such as agriculture insurance and farmers' medical insurance, will experience growing demand. Xiang suggested that China Post should take advantage of its state-covered business network to make better progress on providing quality insurance agency services through reform and innovation.
China Post began providing insurance services from 1998 and now accounts for one third of all State insurance agency services.