Wednesday, April 25, 2018

Party committees to be revived in Chinese insurance JVs

“Party committees” will be either established or revived inside joint ventures between Chinese companies and foreign insurance firms, five industry executives said.

In introducing the move, China’s Communist Party seeks to maintain foreign-backed partnerships committed to China’s broader goals for the sector by taking a stronger role in the leadership of the groups.

Among the foreign insurers that have joined forces with domestic firms to access the Chinese market are Prudential, Generali, Aviva, AXA, Manulife, MetLife and Chubb.

Not all of the above insurers, however, are involved in a joint venture with local firms.

China’s ruling party is aiming to revive the formerly inactive committees, or small groups of executives with strong allegiance to the Party, in state-owned companies to extend the Party’s representation in business.

This also represents part of the Party’s efforts to consolidate its role in the articles of association of state-owned companies listed in Hong Kong.


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