While the nation leaders of China and Central and Eastern Europe (CEE) countries gathered at Hungary’s capital city Budapest for the 6th “16+1” summit, the “AFCA CEE Financial Summit Forum” was also held there on 28 and 29 November 2017, with the theme of “New Chapter of Asia-Europe Financial Cooperation”. Mr.Viktor Orbán, Prime Minister of Hungary, Mr. Huang Hong, Vice Chairman of China Insurance Regulatory Commission, and Mr.György Matolcsy, Governor of the Magyar Nemzeti Bank, attended the opening ceremony of the summit and delivered their speech, alongside the attendance of over 200 guests from 17 countries including China and CEE countries. As a standing member of AFCA, China Re Group attended the summit and their Chairman, Mr. Yuan Linjiang delivered his speech with the theme of “Facilitating the development under the Belt and Road initiative with joint efforts, capturing the development opportunities through sharing and cooperation”.
Mr. Yuan Linjiang mentioned in his speech that, China and Central and Eastern European countries (CEEC) have had a long history of cooperation and have seen remarkable results, the China-CEE “16+1 cooperation” model is a positive and constructive force that promotes world peace and development. Mr.Yuan Linjiang also stated that, as an important component in the Eurasian Economic Belt, the CEEC play a crucial role in the regional development under the “Belt and Road” initiative. Moreover, China and CEE can expect more opportunities for cooperation in the future with the integration of “Belt and Road” development and “16+1 cooperation” as well as the immense support from financial cooperation platforms such as the AFCA. China’s increasing investment and development projects in the CEE regions along the Belt and Road will create a massive demand for risk management and insurance, forming a huge additional market for insurance industry which will require a more comprehensive and in-depth cooperation among the insurers in China and CEEC.
Mr. Yuan Linjiang believes that, with a long history of operation, the insurance industry in the CEEC has accumulated advance management experiences and developed mature operating models. While in China, insurers also gained more strength with nearly 40 years of development since the implementation of reform and opening, especially in aspects such as database construction, technical reform, product development and talent cultivation, which showed great progress in recent years. In terms of internationalization, China’s insurers have demonstrated their unique advantages and have been actively participating in the global risk management system. Insurers in China and the CEE have the abilities and conditions to utilize their complementary advantages and form a mutually beneficial cooperation, so as to jointly provide insurance services with wider coverage and higher quality to the “Belt and Road” development and the China-CEE “16+1 cooperation”, while utilizing the long-term and stable growth of insurance funds to provide strong financing support to the “Belt and Road” projects.
Lastly, Mr. Yuan Linjiang reiterated China Re Group’s willingness to cooperate with the insurers in CEEC on the “Belt and Road” development. As the only state-owned re-insurance group in China, through years of business development, China Re Group has established long-term cooperation with over 1,000 insurers in over 100 countries and territories around the world, and is the only Chinese insurance member of Lloyd's of London with branches in London, Singapore and Hong Kong.
As the pioneer and leading insurance company in China in terms of internationalization, China Re Group has been focusing on re-insurance as its main business and adhering to the principal of sharing both benefits and risks, which is in line with the idea of creating a community of shared future for mankind and the “Belt and Road” initiative in terms of not only ideology, but also strategic direction and implementation. China Re Group possesses successful experience in supporting, operating and serving the platform for insurance industry. China Re Group is the leading unit and management company of the China Nuclear Insurance Pool, which is an important member of the Nuclear Pools global system. China Nuclear Insurance Pool has maintained a good cooperation relationship with the CEE Nuclear Pools for over a decade, and is the main re-insurer for nuclear pools in many CEE countries.
In recent years, providing service for the development under the “Belt and Road” initiative has become one of China Re Group’s development strategies. Under the leadership of the China Insurance Regulatory Commission, China Re Group fully utilizes the advantages from the development platform and internationalization of the reinsurance system to conduct research on international insurance and re-insurance pool for “Belt and Road” initiative, explore and integrate the insurance industry in China, cooperate with overseas partners, strive to provide more comprehensive insurance services with better quality and higher efficiency to the “Belt and Road” development, and establish an international platform for communication and cooperation. Many internationally renowned insurance companies have shown interest in joining or participating in the construction of such pool.
Since 2016, China Re Group has been rapidly expanding their overseas service network. As of now, China Re Group has signed memorandums of cooperation with over 20 international insurance companies to collectively provide services such as contract issue, reinsurance and claim settlement to Sino-foreign cooperation projects in over 100 countries and territories, which include the memorandums of cooperation signed with several CEE insurance companies. China Re Group is confident that its unique advantages can facilitate the communication and cooperation in international insurance industry with the joint efforts of the CEE partners.
China-CEE “16+1 cooperation” is a cooperation platform created by China and sixteen countries in CEE. It is an important part of the comprehensive strategic partnership between China and CEE and a breakthrough in cooperation between China and Europe, which forms a new pattern of relationship between China and the CEE countries and is beneficial for a balanced development in Europe.
In May 2017, Chinese President Xi Jinping and Hungarian Prime Minister Viktor Orbán jointly decided to upgrade the China-Hungary relation to a full-scale strategic partnership.
In the morning of 27 November 2017 (local time in Budapest, Hungary), Premier Li Keqiang attended the Sixth Summit of Heads of Government of China and Central and Eastern European Countries held in Budapest together with the leaders in 16 CEE countries as well as observers of the European Union. Under the theme of “Deepening economic, trade and financial cooperation for win-win development”, Premier Li Keqiang brought up five suggestions, namely “expanding economic and trade cooperation”, “enhancing communication”, “strengthening cooperation on innovation”, “bolstering financial support” and “deepening cultural exchange”, which were well-recognized by the nation leaders at the summit.
Asian Financial Cooperation Association (AFCA) is a regional non-governmental and non-profit organization comprising financial institutions, financial industry associations, relevant professional service agencies and experts of the financial sectors from Asian countries and regions. AFCA’s philosophy is “Connectivity, Cooperation, Joint Governance and Shared Benefits”. AFCA is devoted to building an exchange and cooperation platform for Asian financial institutions, strengthening exchanges among regional financial institutions and financial resources integration, jointly safeguarding regional financial stability, and supporting the development of real economy in the region. Up to now, AFCA has 107 members from over 20 countries and regions in Asia, America, Europe, Africa and Oceania, covering banking, security, insurance, fund, assets management, financial education, financial services and other sectors.
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