Entry of Insurers into Guangdong under the Economic Cooperation between Guangdong and Hong Kong

Question raised by the Hon K P Chan, JP at the Special House Committee Meeting of the Legislative Council on 7 January 2010 on Economic Cooperation between Guangdong and Hong Kong

The Hon K P Chan: Hong Kong manufacturers are running many factories in Guangdong. If Hong Kong insurers may operate inside the Province, they would not only serve the needs of our manufacturers and enterprises but also help promote interchanges between insurance professionals of these two places. Accordingly, they would improve mutually their technical and service standards. As banks in Hong Kong are eligible to lower requirements of entry into the Mainland under CEPA, I would like to put a question to the Government: What is the progress in facilitating the entry of Hong Kong insurers into Guangdong?

Chief Secretary for Administration: The Government fully understands the desires of the insurance industry, such as lower entry requirements similar to banks, and takes them into account on every occasion when CEPA is discussed. The prime cause for concern is supervision. The current thinking is to pilot in Guangdong and details are under study like defining the scope and coverage. The Government is endeavoured to pursue wishes of the industry with the Mainland authorities. Meanwhile, the insurance industry is also encouraged to play a more active role in lobbying as well.

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