Lloyd's Reinsurance Company (China) Ltd opens office in Shanghai
1/12/2006 16:06
Renowned British reinsurer Lloyd's Reinsurance Company (China) Ltd (LRCCL)
has opened an office in the Pudong New District of Shanghai this week.
The
Wednesday opening function was attended by British Secretary of State for Trade
and Industry Alistair Darling. Before arriving in Shanghai, Darling led a
15-member delegation to the sixth conference of the Sino-British Trade and
Investment Joint Committee held in Beijing earlier this week.
The LRCCL is
awaiting approval from the China Insurance Regulatory Commission, the country's
insurance business watchdog, before beginning business operations, according to
Lord Peter Levene, chairman of the Lloyd's council in London.
Lord Levene
hoped the LRCCL could begin operating in the Chinese market next year.
By
September this year, there had been 5,235 British-funded businesses in China,
representing a total investment of US$13.67 billion.
Britain is currently
China's third largest trade partner in Europe. Two-way trade between Britain and
China rose to US$24.4 billion last year, a rise of 24.2 percent from the level
of 2004.
Sino-British bilateral trade in the first 10 months exceeded the
level for the whole year of 2005 and will top US$40 billion by 2010.
Xinhua
|
