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Meng Zhaoyi, director of the international affairs department of the China Insurance Regulatory Commission, recently said that cooperation between the banking and insurance sectors should develop further, especially now with more banks getting into the insurance business.

Meng said as the financial system is reformed in China, more new business modes should be explored aside from the existing ones. For example, banks can initiate insurance companies.

At present, banks and insurers cooperate in the forms of agent services, equity investment and joint ventures.

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The full text is available in the April Issue of China Insurance.