More insurance choices for senior citizens

Measures to develop more diversified insurance products for elderly people were decided upon at the State Council executive meeting on Dec 30.

China's population is aging, with more than 250 million people aged 60 and above, and the country should actively develop commercial insurance programs in the areas of social services to better tackle the issue, the meeting was told.

One of the measures is to speed up the development of commercial endowment insurance programs.

China should draw on the experiences of other countries and support the development of pension programs, insurance programs that cover medical services and the treatment of accidental injuries for people aged 60 and above, as well as programs that cover long-term nursing, the meeting decided.

It also decided the country should improve the quality of its commercial insurance programs, and develop programs that suit low-income groups and people who work in emerging industries.

Insurance firms will be encouraged to offer comprehensive insurance policies that cover areas including medical services, nursing and childbirth, and to include cutting-edge medical technologies and products in their programs.

The meeting also decided to speed up the opening of the insurance market and upgrade the insurance sector through fair competition.

Regulation implements Foreign Investment Law

The central government released the Regulation to Implement the Foreign Investment Law on Dec 31. The regulation was passed at a State Council executive meeting earlier in December and took effect on Jan 1.

The regulation includes specific measures to promote, protect and manage foreign investment, and lays out behaviors that departments and their staff members should be held accountable for.

Governments and their departments should treat domestic and foreign investors equally and according to law in areas including the allocation of funding, land supply, tax cuts, the granting of certification and human resources policies, the regulation says.

When formulating their own foreign investment regulations, local governments should seek opinions from foreign companies and relevant associations. Such regulations should also be released in time, and administrative management must not be carried out based on regulations that have not been released.

Local governments should put laws, regulations, policies and other information related to foreign investment on their official websites, publicize and explain them, and provide counseling for foreign investors.

Foreign investors who use gains from investment in the Chinese mainland to expand such investment should enjoy favorable treatment according to law.

The guideline also lays out specific requirements for governments to grant foreign investors equal access to government procurement contracts.

The country will strengthen its punishment for intellectual property rights infringements and offer equal protection to the intellectual property rights of foreign investors, it says.

Governments, their departments and staff members will be held accountable for a number of behaviors, including formulating or implementing policies that discriminate against foreign investors, and illegally limiting their inward and outward remittance.

Governments and government officials who fail to honor promises to or deals with foreign investors, or make promises that exceed their jurisdiction will also be held accountable.