China, U.S. financial regulators bolster cooperation in insurance sector

China and U.S. financial regulators have agreed to strengthen cooperation in the insurance sector as they convened a regular working meeting despite intensified uncertainties brought by the incoming U.S. administration.

As an outcome of the seventh meeting of the China-U.S. Financial Working Group, China's National Financial Regulatory Administration and the U.S. Federal Insurance Office have updated a memorandum of understanding on facilitating communication and cooperation relating to the insurance sector.

The meeting, held in Nanjing, Jiangsu province on Monday and Tuesday, was co-chaired by Xuan Changneng, deputy governor of the People's Bank of China and Brent Neiman, assistant secretary for international finance at the U.S. Department of the Treasury.

Financial regulators from both sides had "professional, pragmatic, candid and constructive discussions" during the meeting, a statement by the PBOC said.

The topics discussed covered China's economic work plan for next year, macroeconomic and financial developments, monetary policy, financial stability, financial regulation and supervision, international financial governance, securities and capital markets, anti-money laundering and countering the financing of terrorism.

The two sides were briefed on previous technical exercises, including balance of payments compilation and climate modeling. At a meeting held by the two sides with local officials and regulators, the Chinese side raised issues of concern to the U.S. side.

Since its establishment, the financial working group has facilitated professional and pragmatic communications between the two sides, the PBOC said, contributing to a stable China-U.S. relationship and helping preserve international financial stability.