An American business group has started to urge China to boost its coverage and service industry access.
At the end of last week, an American business group made insurance news as it started urging China to boost its access to insurers as well as businesses from other service industries, as they claim that the boost of foreign skills could help the country to enhance its shaky stock markets and to be able to better cope with catastrophes such as the recent Tianjin chemical explosions.
The group feels it would be beneficial to open primarily closed logistics, banking, and other markets to foreign competition.
The group, the American Chamber of Commerce in China, explained in this insurance news that by opening up those markets to competition from other countries, it would actually provide better support for the effort being made by the communist leadership to boost service industries and decrease the reliance on investment and trade for boosting economic growth.
This insurance news said that if the market had already been open, more expertise would have helped in Tianjin.
Lester Ross, the deputy chairman of the American Chamber of Commerce in China explained that by bringing in a larger amount of global expertise, there would be greater potential for boosting the financial markets to help the country to recover and stabilize from its plunging stock market. He also said that the insurance industry and other services would make it possible to reduce the impact of disasters such as the explosion in Tianjin that has killed at least 145 people.
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Ross spoke at a news conference and explained that “Our hope, frankly, is that the downturn in the market will encourage the Chinese government to open faster.”
The chamber also released a report in which it stated that there were a range of other opportunities in additional markets such as health care, engineering, communications technology, real estate, legal services, online commerce, entertainment, and logistics. That report was a component of an annual series, but the release of this insurance news has occurred at a time in which the country just happened to be coping with the type of stock market turmoil and disaster scenario that it was describing.