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China is one of the most rapidly urbanizing countries in the world. Its urban population stands at more than 800 million. That number is expected to soar to 1 billion by 2030, the administration said.
China is in a transformation phase to a high-income country. Although a few cites have crossed the threshold to high-income, most cities are far from the threshold.
China is the world's second-largest insurance market, following the US, and its insurance sector achieved steady growth in 2018, registering original premium income of 3.8 trillion yuan (4.6 billion).
China has strengthened financial regulation and broadened its regulatory oversight to include products not counted on the balance sheets of financial institutions, such as the so-called wealth management products, to forestall financial risks. Such an adjustment is based on normal regulatory and accounting requirements and will not have a major bearing on overall financial figures, he said.
China has stepped up efforts in easing financial market access for foreign investors in recent years.
