Wednesday, September 20, 2017

Foresea Life to set up Communist Party committee

Shenzhen-based Foresea Life Insurance, the private insurance arm of Baoneng Group, has announced plans to set up a Communist Party committee.

The move is part of the Chinese private insurer’s efforts to improve corporate development capabilities.

In a statement, Zhang Jinshun, the insurer’s vice-chairman, said the decision to establish an in-house Party committee follows on instructions from last week’s national financial work conference, where president Xi Jinping urged for the enhancing of the Communist Party’s leadership in financial operations.

Many private Chinese businesses are enhancing their Communist Party-building endeavours to demonstrate loyalty to the country’s ruling political party.

Baoneng’s practice of raising funds through selling wealth management-style policies came under scrutiny in late 2016 when the company and its chairman, Yao Zhenhua, were publicly denounced by Beijing regulators.

 

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