Insurance is the integral part of the financial system, and it plays very important roles in the development of reform, protection of economy, social stability and welfare of the public. Since the reform and opening up, the Chinese insurance industry has been serving the economic and social development of the nation pursuant to the wise guidance from the Central Committee of the Communist Party of China and the State Council, with one priority on fostering development and the other on risk prevention and mitigation. The industry has displayed the momentum of rapid and healthy growth, making valuable contribution to the developments of national economy, social advancement and people’s livelihood.

With constant progress in building a well-off society in an all round way and building a harmonious socialist society, the Chinese economy is booming; the Chinese society is more harmonious; and the Chinese people’s life is more prosperous. As the “economic propeller” and “social stabilizer”, insurance is embracing more splendid prospects. The insurance industry in China is guided by Deng Xiaoping’s theory and the important thought of “Three Representatives”, upholds the concept of scientific development, and strives to further the reform, expand the opening up, and prevent risks. It is growing both in scale and strength, and will play more important roles in the development of socialism with Chinese characteristics!

As the competent government body in charge of administration and supervision of insurance industry, China Insurance Regulatory Commission (CIRC) will continue to focus on this theme, foster the development of the market with great care, encourage reforms and innovations, and push ahead with further opening up of the industry. We will strengthen the regulatory and supervisory efforts in accordance with laws and regulations, protect interests of the insured, and promote sustained, rapid, balanced and healthy development of insurance industry in China.

Last but not least, I would like to convey my most sincere gratitude to friends from all sides for your care and support to the Chinese insurance industry and the CIRC.