On September 13, the 10th China-ASEAN Summit Forum for Financial Cooperation and Development was held in Nanning, where executives of central bank and financial leaders from China and ASEAN countries gathered together and discussed based on the theme of “Opening up and Innovation: China-ASEAN Financial Cooperation in the New Era”. Ren Xiaobing, Vice President of China Re Group, was invited to attend this forum and made a speech titled as “Cooperation brought forward by opening up and innovation promoted by cooperation: China-ASEAN Insurance Cooperation in the New Era”. Chen Wu, Chairman of Guangxi Zhuang Autonomous Region, Ding Xiangqun, Vice Chairman of Guangxi Zhuang Autonomous Region, Liu Guoqiang, Vice President of the People’s Bank of China, Chea Chanto, Governor of National Bank of Cambodia and other senior management of central banks and financial institutions in China and ASEAN countries also attended such forum.
Vice President Ren Xiaobing said that the cooperation between China and ASEAN has become the most successful and dynamic model in the Asia-Pacific region. Under the new era, China-ASEAN will build a closer community of shared future, with interdependence of development and the interdependence of risks. Insurance has both functions of risk management and social governance, and it will be playing an important role in building a community of shared future for mankind. He pointed out that China Re Group has been committed to innovative practices in blockchain, big data, artificial intelligence and other new technologies in the insurance field and has also achieved breakthrough results in catastrophe risk management technology innovation. In various fields, China Re Group has carried out exploration and practice for the transformation of insurance-assisted government functions, such as engineering quality potential defect insurance for Shanghai pilots of commercial housing and affordable housing, the first third party liability insurance in the world for manure returning to the fields in Guangxi, creating insurance to help the environment, especially the rural pollution control, as well as “protecting and escorting” the resource transformation of livestock and poultry manure in the Nanliu River Basin. It is hoped that in the future, China Re Group will exchange and cooperate with professional risk management agencies, insurance companies and national reinsurance companies in ASEAN countries in various fields such as catastrophe risk management, agricultural risk management, ecological environmental risk management and construction engineering risk management, conducting multi-faceted and multi-level interactive communication, which would serve the construction of a closer community of shared future for China-ASEAN.
A signing ceremony for the financial cooperation was also held during the forum. Under the joint witness of the leaders of the People's Government of Guangxi Zhuang Autonomous Region, executives of central bank and financial institution executives from China and ASEAN countries, China Re Group and the People's Government of Guangxi Zhuang Autonomous Region signed a strategic cooperation agreement and signed a memorandum of cooperation on the “Belt and Road” insurance consortium with Cambodian National Reinsurance Company. This will open a new chapter for China Re Group to further improve its overseas service network, assist in the transformation of government functions, and serve the community of shared future for China-ASEAN.
The China-ASEAN Summit Forum on Financial Cooperation and Development is one of the important events during the China-ASEAN Expo and China-ASEAN Business & Investment Summit. Since its inception in 2009, it has become an important platform for the China-ASEAN financial community to collaborate and develop. It helps building the important link of “Belt and Road” and it will play an important role in promoting China-ASEAN financial exchanges and cooperation, as well as economic and trade exchanges and cooperation.
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