Beijing is stepping up efforts to prepare for the opening of its insurance market two years from now, an official said in Beijing over the weekend.

Liu Jingsheng, director of the Beijing Office of the China Insurance Regulatory Commission, told a meeting that Beijing should introduce more market-oriented reforms in the field of insurance.

China's accession to the World Trade Organization brings both opportunities and challenges to the insurance industry, and the performance of domestic insurance companies needs to be improved, Liu said.

He said that the entry of foreign insurance companies will help improve the structure of local insurance market.

There are seven insurance companies operating in Beijing. Their insurance revenue during the first 10 months of this year totaled 11.7 billion yuan(US$1.5 billion).

(Xinhua News Agency November 18, 2001)