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China Life's net profit slumped by 64.7 percent to 11.4 billion yuan last year — mainly dragged down by the sluggish stock market — but its overall premium income rose 4.7 percent to 535.8 billion yuan and its market share rose by 0.7 percentage points to 20.4 percent, according to its annual report.
China UnionPay is the country's largest bank card payment processor.
China also passed a new foreign investment law on Friday. It will take effect on Jan 1, 2020.
China accelerated individual tax reform in October, when new tax brackets were introduced. The minimum threshold for individual income tax was raised from 3,500 yuan (9) to 5,000 yuan per month.
China and the United States must work together based on mutual trust and respect, recognizing the major challenges in their relationship and working toward solutions as globalization faces a crossroad following the US presidential election, according to the latest analyses.
