Third-party liability insurance open to foreign insurers

China has decided to give the green light to foreign-invested insurance companies to enter the business of mandatory third-party liability insurance for motor vehicles in China, according to the Joint Fact Sheet on Strengthening US-China Economic Relations released Tuesday, Xinhuanet reported Wednesday.

The relevant policy will be officially released and implemented after the amendment procedures for relevant regulations are complete.

The Joint Fact Sheet also said the US welcomes foreign investment in all sectors, including the banking sector. The US welcomes Chinese banks with approved branches in the US to start business.