A new chapter on cooperation between China and Central and Eastern Europe in financial insurance support – China Re Group and CIG entered into a strategic cooperation agreement

Createdate: 2018年03月13日Hits:

  In the morning of 28 November 2017 (local time), China Re Group and CIG Pannónia First Hungarian General (hererinafter referred to as “CIG”), a Hungarian insurance company, signed a strategic cooperation agreement in Budapest, the capital of Hungary, pursuant to which, both parties had reached consensus on supporting each other and providing insurance and reinsurance protection services for China’s overseas interests in Hungary and Central and Eastern Europe. This is the first strategic cooperation agreement signed between the Chinese insurance industry and the Hungarian insurance industry. Such agreement was signed in the presence of Huang Hong, Vice Chairman of China Insurance Regulatory Commission (CIRC), Dr. Ferenc Szebelédi, Head of Insurance Supervision Department of the National Bank of Hungary, and Mr. Csaba Kandrács, Executive Director of Financial Institutions Supervision of the National Bank of Hungary.

  On behalf of CIRC, Vice Chairman Huang Hong delivered his congratulations to China Re Group and CIG on the successful meeting and signing of agreement. He stated that China and Hungary enjoy a long-standing friendly relationship, particularly in May of this year when President Xi Jinping and Prime Minister of Hungary announced the establishment of a comprehensive strategic partnership between the two countries, which created vast space for bilateral cooperation in a wider and deeper manner. The China-Hungary relation is now under in-depth development. In the recent Sixth Summit of Heads of Government of China and Central and Eastern European Countries with the theme of “Deepening economic, trade and financial cooperation for win-win development”, Premier Li Keqiang stressed in his speech that we need to bolster financial support and increase our efforts in financial cooperation with CEE countries for “16+1 cooperation”. The signing of the strategic cooperation agreement between China Re Group and CIG was a typical example for implementing the “Belt and Road” initiative and deepening the financial cooperation between China and CEE countries, especially Hungary, and also an important move for actively responding to Hungary’s Eastern Opening policy. Insurers in both countries are pioneering in the China-Hungary financial cooperation. In particular, as the main channel and national representative for China’s reinsurance industry, China Re Group has been playing a leading role in promoting bilateral cooperation. The China Nuclear Insurance Pool and Hungarian Nuclear Insurance Pool have maintained a long-term and good cooperation relationship, evidencing the win-win cooperation between China and Hungary in the insurance industry. Vice Chairman Huang Hong believed that with the gradual deepening of the economic and trade cooperation between China and Hungary, the insurance cooperation between the two countries will certainly reach a new level with remarkable achievements. He hoped that the insurance industry of both countries can promote insurance cooperation to a higher level by taking the opportunity from the cooperation between China Re Group and CIG.

  Dr. Ferenc Szebelédi, Head of Insurance Supervision Department of the National Bank of Hungary, concurred with Vice Chairman Huang Hong on the prospects of cooperation between both countries in insurance industry, and delivered his congratulations on the cooperation relationship established by China Re Group and CIG. He fully recognized CIG’s position in Hungary’s insurance market and hoped that CIG can play an important role in providing local services to China’s overseas interest.

  Yuan Linjiang, the Chairman of China Re Group, said that being the only reinsurance group company in China, China Re Group is the forerunner of “going global” for Chinese insurance companies. After years of accumulation, China Re Group has established direct or indirect reinsurance business relationships with more than 1,000 insurance companies, reinsurance companies and brokerage firms in over 100 countries and regions. In recent years, China Re Group actively responded to the national initiate of “The Belt and Road”, and committed to deepening its work in the international insurance and reinsurance market, expanding its cooperation partnership, achieving a mutually beneficial and win-win situation, in order to help Chinese enterprises to “go global”. The cooperation relationship established between China Re Group and CIG not only benefits both parties, but also deepens the interconnection of the insurance industries between the two countries. The signing of strategic agreement has laid a profound cooperation prospect for both parties to push forward business cooperation and exchanges, which will take full benefit from the resources and channel advantages in the respective fields of both parties and will facilitate joint development.

  Dr. Gabriella Kádár, CEO of CIG, introduced the corporate information during the talks, and expressed his pleasure in signing the strategic cooperation agreement with China Re Group to establish a partnership of mutual trust and benefit in providing local insurance services to Chinese customers in Central and Eastern Europe. CIG has always been committed to expanding overseas market. Under the background of growing economic and trade cooperation between China and Hungary, CIG is looking forward to exploring more extensive and in-depth cooperation with China Re Group.

  On the same day, Huang Hong (Vice Chairman) and Yuan Linjiang (Chairman) held talks with Dr. Ferenc Szebelédi, Head of Insurance Supervision Department of the National Bank of Hungary, and and Mr. Csaba Kandrács, Executive Director of Financial Institutions Supervision of the National Bank of Hungary. Both parties made in-depth exchanges on how to establish a long-term and stable, mutually beneficial and win-win strategic cooperation for the insurance industries between the countries, based on the start point of the successful signing of the strategic cooperation agreement between China Re Group and CIG of Hungary as a starting point on the same day.

  Related news:

  Hungary is located in the geographical centre of Europe. With unique regional advantages, it has been one of the important distributing centres for Chinese goods in Europe. Meanwhile, Hungary is also one of the first countries to establish diplomatic relations with the newly-established PRC, and is one of the major countries which facilitated the "16+1" cooperation among China and CEE countries.

  In May 2017, President Xi Jinping and Hungarian Prime Minister Viktor Orbán jointly decided to elevate the relation between the two countries from the bilateral relations to comprehensive strategic partnership.

  On the morning of 27 November (Budapest, Hungary local time), Li Keqiang (Premier of the State Council of PRC) attended the Sixth Summit of Heads of Government of China and Central and Eastern Countries in Budapest, along with sincere greetings to the leaders. Leaders of 16 CEE countries and observers from European Union were present at the summit. Focusing on the theme of "Deepening economic, trade and financial cooperation for win-win development", Li Keqiang put forward the following five suggestions: “to expand the economic and trade cooperation”, “to enhance connectivity”, “to strengthen cooperation on innovation”, “to bolster financial support” and “to energize people-to-people exchange”, which resonated with the participating leaders.

  On the morning of 27 November (Budapest, Hungary local time), the seventh China-CEEC Business Forum opened in Budapest. Premier Li Keqiang and Prime Minister Orban attended the opening ceremony and made speeches, respectively.

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