China’s First Mutual Insurer Opens

By Yang Qiaoling and Han Wei

(Beijing) — China’s first mutual insurer has opened in Beijing, representing a step toward the country’s goal of diversifying its insurance industry.

Zhonghui Property Mutual Insurance, with initial working capital of 1 billion yuan ($146 million) from 12 founding members, will offer credit insurance to small and midsize enterprises plus short-term health and personal accident insurance, according to a statement published on the website of the China Insurance Regulatory Commission (CIRC).

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