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ICBC-AXA Life, partly owned by French insurance giant AXA, has won regulatory approval to set up an asset management firm in Shanghai. Willis Insurance Brokers Co. and JLT Insurance Brokers. Co. have became the first two to benefit from business scope expansion.

As Chinese parents attach more importance to the reading and education of their children, and the country has ended its decades-long one-child policy, the children's book market in China has great potential with growing demand.

The CCDI said the cases exposed problems of lax and weak governance over the Party and called for perseverance in addressing them.

Starting from the verge of collapse, China's economy has caught up fast, with its size surpassing Italy, France, Britain, Germany, and Japan to achieve second place in the world, according to the article.