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News from China
CPIC to improve business quality through digitization
5th April 2017

 CHINA Pacific Insurance Group said it will continue to enhance digital channels and develop more protection types of insurance products as part of measures to improve business quality for the next three years under leadership of a new board, company officials said today.

 
The group has prioritized development of digital platforms as a major strategy for the next three years to “focus on core insurance businesses and pursue sustainable value growth, group chairman Gao Guofu said on a briefing.
 
The measures aim to improve customer experience, lower the company's business operational costs, improve efficiency and promote collaboration between the group's various units.
 
Efforts will be made in streamlining online-offline services and digitalizing business management processes to improve supply of products and services, according to Gao.
 
The strategy will enrich CPIC's current digital operations that already widely used in sales and claiming compensation in life and non-life insurance sectors.
 
The comments were made as CPIC reported its gross written premiums rising 15.1 percent year-on-year in 2016 to 234.02 billion yuan (US$ 33.96 billion), with group assets exceeding the 1 trillion yuan mark for the first time.
 
However, the insurer’s net profit declined 32 percent year-on-year to 12.06 billion yuan (US$1.75 billion) due to lower investment returns and changes in reserve discount rate.
 
Xu Jinghui, director of CPIC Life, said the current boom of life insurance market will continue in China and the company will focus on developing protection type of products and long term saving products to meet consumer needs and ensure business sustainability.
 
China's life insurance premiums rose 30 percent last year, contributing to half of the global increase, according to an Allianz report.
 
Source: Shanghai Daily, April 5, 2017
Xi's visit to draw blueprint for China-Finland partnership
4th April 2017

 CHINESE President Xi Jinping's upcoming visit to Finland will enhance bilateral relations, advance China-Northern Europe cooperation and promote the building of the Sino-European partnerships for peace, growth, reform and civilization.

 
Xi's visit to Finland from Tuesday to Thursday will be his first trip to a European Union member state this year, and also his first visit to Northern Europe as China's head of state.
 
The trip will see the two states work out a new blueprint for the development of bilateral ties and sign a host of cooperative deals, highlighting the two countries' common wish to build greater consensus and synergize more cooperation efforts.
 
Although China and Finland are different in history and culture, social systems and development stages, the development of bilateral ties based on mutual trust, equality and common prosperity has played an exemplary role in boosting relations between China and Northern Europe, as well as Europe as a whole.
 
Finland was one of the first Western countries to establish diplomatic ties with China, and the first Western nation to sign an inter-governmental trade agreement with China.
 
Currently, as anti-globalization rears its head and European integration suffers setbacks, China and Finland need to join hands in promoting trade liberalization and economic globalization, as well as advancing global governance and multilateralism.
 
Bilateral ties have been propelled forward by the exchange of high-level visits. During Finnish President Sauli Niinisto's visit to China in 2013, Xi and Niinisto reached important consensus on building and promoting a future-oriented new type of partnership between the two countries, which pointed the direction for the development of bilateral ties.
 
In the economic and trade sector, due to flagging international trade and uncertainty for the global economic recovery, bilateral trade volume stood at 5.27 billion U.S. dollars from January to October in 2016, marking a decrease of 11.9 percent from the same period of 2015.
 
However, it was estimated that China would remain Finland's biggest trading partner in Asia for 14 consecutive years in 2016, while Finland would remain China's major trading partner in Europe.
 
In 2015, Finland joined the Asian Infrastructure Investment Bank (AIIB) as a prospective founding member.
 
The AIIB is an institution that finances infrastructure construction and promotes regional connections and economic integration.
 
Given the fact that Finland is one of the most innovative countries in the world and China has decided to pursue an innovation-driven development strategy, the two countries have complementary advantages and huge potential for cooperation in many areas, including high technology, clean energy, innovation and Arctic research.
 
Finland is a traditional power in winter sports and China will host the 2022 Winter Olympic Games, creating a golden opportunity for the two countries to strengthen exchange and cooperation in the field.
 
Finland has responded positively to the China-initiated Belt and Road Initiative, which aims to build a trade and infrastructure network connecting Asia with Europe and Africa.
 
"Finland is a firm supporter of initiatives which enhance connectivity between Europe and Asia," Finland Foreign Minister Timo Soini said in an interview with Xinhua in February.
 
President Xi's visit to Finland is sure to usher in a new era of partnership, and the sound development of bilateral ties will serve as an example for China-Europe cooperation.
 
Source: Shanghai Daily, April 4, 2017
CPIC to improve business quality through digitization
3rd April 2017

 CHINA Pacific Insurance Group said it will continue to enhance digital channels and develop more protection types of insurance products as part of measures to improve business quality for the next three years under leadership of a new board, company officials said today.

 
The group has prioritized development of digital platforms as a major strategy for the next three years to “focus on core insurance businesses and pursue sustainable value growth, group chairman Gao Guofu said on a briefing.
 
The measures aim to improve customer experience, lower the company's business operational costs, improve efficiency and promote collaboration between the group's various units.
 
Efforts will be made in streamlining online-offline services and digitalizing business management processes to improve supply of products and services, according to Gao.
 
The strategy will enrich CPIC's current digital operations that already widely used in sales and claiming compensation in life and non-life insurance sectors.
 
The comments were made as CPIC reported its gross written premiums rising 15.1 percent year-on-year in 2016 to 234.02 billion yuan (US$ 33.96 billion), with group assets exceeding the 1 trillion yuan mark for the first time.
 
However, the insurer’s net profit declined 32 percent year-on-year to 12.06 billion yuan (US$1.75 billion) due to lower investment returns and changes in reserve discount rate.
 
Xu Jinghui, director of CPIC Life, said the current boom of life insurance market will continue in China and the company will focus on developing protection type of products and long term saving products to meet consumer needs and ensure business sustainability.
 
China's life insurance premiums rose 30 percent last year, contributing to half of the global increase, according to an Allianz report.
Source: Shanghai Daily, April 3, 2017
Aussie firm Blooms with Chinese funds
31st March 2017

 AUSTRALIAN vitamin supplement company Blooms has closed a deal with Goubuli Group, that will see the Chinese company invest A$60 million (US$45 million), in order to enhance their synergy within the booming sector.

 
The Tianjin-based company plans to import their products and provide distribution throughout China for the Australian vitamin maker, co-branding with their successful “Tianjin Tong Ren Tang” range.
 
Jason Li, chief executive of Yatsen Associates who helped broker the deal, told the Australian Financial Review, that for Goubuli the choice to invest was simple, as they had “fully integrated operations” that could be utilized for both companies’ ongoing success.
 
“The deal was valued at about 11 times their 2016 EBITDA (earnings before interest, tax, depreciation, amortization), which shows the continued strength of the sector,” Li said.
 
“There was very considerable interest from Chinese financial and strategic investors who all wanted authentic, established Australian health care brands.”
 
Chinese companies are looking at ways to use modern technology to allow for their “foul tasting” medicines to be turned into easily consumable tablets, according to Li, adding that the vitamin sector is one for great opportunities between Chinese and Australian businesses.
 
The recent relaxing of the rules concerning pharmaceuticals in the China-Australia Free Trade Agreement has led to positive outcomes and increased bilateral trade.
Source: Shanghai Daily, March 31, 2017

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