Belief in China’s change

After the first IBLAC, the friendship between Mr. Greenberg and Zhu Rongji still lasts. Greenberg is very appreciative of Zhu’s vision and leadership, which enabled Shanghai's rapid development. Later, when Zhu served as the Premier of the State Council, in order to help China enter the World Trade Organization (WTO), Mr. Greenberg was busy going between Washington and Beijing to persuade the U.S. government to grant China permanent MFN status. He said China, one of the largest countries in the world, should not be out with the WTO. It is natural for China to enter the WTO and Chinese people deserve that support.

(In his office, Mr. Greenberg keeps photos of him standing with Zhu Rongji and many other Chinese leaders.)

Actually, the history between Mr. Greenberg and China dates back prior to the first IBLAC convention. According to him, as early as 1975, he led an AIG team to Beijing to sign an agreement with the People’s Insurance Company of China (PICC)— the first insurance company after the PRC was founded — hence becoming the first U.S. insurance firm to cooperate with China. Since then, he has been to China at least once a year.

When it comes to Shanghai, Mr. Greenberg regards it as his second home. Starr was founded in 1919 by Cornelius Vander Starr in Shanghai, and AIG was formed initially as a Starr subsidiary in 1968, so Shanghai means a lot for Mr. Greenberg. He said, “In 1992, AIG established the Shanghai branch of American International Assurance Company Ltd. (AIA) and we got the first life insurance license granted to foreign companies by China thanks to more than 20 years of effort.” Since entering the Chinese market, AIG has been committed to achieving a win-win situation in the industry. At first, because Chinese insurance companies lacked industry expertise, organizations under Mr. Greenberg’s leadership provided training for Chinese companies, teaching them advanced business concepts and underwriting experience, thus playing an indelible role in the enlightenment of the Chinese insurance market.