Dean R. O'Hare, chairman and chief executive officer of Chubb Corporation, a major diversified US financial services company, said in Shanghai that under the current economic situation, China is a good place to put money in.
O'Hare is in Shanghai attending the Asia-Pacific Economic Cooperation (APEC) forum.
He said that China will be one of a few countries in the world that will witness a growth in the next couple of years.
Though the growth rate will be lower than in the previous years, China will still maintain a growth, said the Chubb CEO.
Chubb is one of the largest financial corporations in the United States and ranks among the top ten listed US insurance companies with operations in insurance, investment and real estate development.
He said Chubb is encouraged by China's imminent accession to the WTO, which will open up the Chinese market for foreign insurers.
O' Hare pledged that Chubb will greatly increase its investment in China in the coming years.
Chubb set up its representative office in Beijing in 1994, and established its regional headquarters there to coordinate activities for all of Greater China. Later, the company opened up representative offices in Shanghai and Shenzhen.
In April 2000, with the approval of China Insurance Regulatory Commission, Chubb upgraded its Beijing office to China general office.
(People's Daily October 22, 2001)
