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China's first cross-strait insurance joint venture, Cathay Life Insurance Company Limited, opened its doors for business in Shanghai Thursday.
The company began selling insurance policies to Shanghai clients 4 weeks ago, marking the entrance of insurance capital from Taiwan into the mainland market.
With a registered capital of 800 million yuan, about US$97 million US, the company is co-funded by the Taiwan-based Cathay Life Insurance Company and China Eastern Airlines Corporation.
Cathay Life says it hopes to expand its business to east China's Yangtze River Delta region, and eventually to the entire mainland market.
(CCTV.com February 25, 2005)
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