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China: Shanghai plans advanced insurance market

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The municipal government of Shanghai, China, has said that it is looking to transform the city into an international insurance center by 2020, Ecns.cn reports.

The government said it aims to form an advanced insurance market that would meet the economic and social development needs of the city.

Insurance penetration rate in the city is targeted to increase 6% by 2020, the government's proposal said.

The government vowed to speed up development of the insurance sector by tapping the Shanghai Pilot Free Trade Zone.

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