On June 26, Chairman of the China Insurance Regulatory Commission, Xiang Junbo, the Central Bank of the Russian Federation first vice president Shvetsov in Beijing signed a “Joint Action Plan 2016-2018 on cooperation in the field of insurance” (hereinafter referred to as “the Joint Action Plan “).
Signed the “Joint Action Plan” of China and Russia is the insurance industry to implement the consensus the two leaders, to promote the development of Sino-Russian cooperation in important measure of insurance. “Joint Action Plan” will become a programmatic document of cooperation between China and Russia in the field of insurance for both the insurance industry to open up a broader space for cooperation, bring more substantial positive for bilateral relations and economic and trade cooperation to inject new momentum for service between China and Russia key investment projects, support “along the way” strategy has a positive meaning.
The insurance industry as an important part of the financial system to give high attention and active support of the leaders of the two sides. In September 2015, when Chinese and Russian leaders met repeatedly he proposed to expand the Sino-Russian cooperation in the field of insurance. Sino-Russian cooperation in the field of insurance up to national level. November 2015, in order to implement the consensus the two leaders, CIRC Chairman Xiang Junbo to Moscow with the Central Bank of Russia signed the “Sino-Russian Insurance Supervision Memorandum of Understanding.” On this basis, China Insurance Regulatory Commission and the Russian central bank positive communication, negotiation and signed the “Joint Action Plan.” “Joint Action Plan” to cover travel insurance. Reinsurance, nuclear ECOWAS to establish mutual funds, insurance funds in the field, with the Silk Road economic cooperation, aerospace insurance, insurance, and other heavy machinery of mutual interest, will promote the development of Sino-Russian insurance sector has entered a new historical stage.