China unveils measures to build Shanghai into global reinsurance hub

China's National Financial Regulatory Administration and the Shanghai municipal government have jointly rolled out a series of measures to develop Shanghai into a global reinsurance hub, the two authorities said Tuesday.

Specifically, the measures aim to facilitate smooth flows and efficient allocation of various factors in the Lingang new area of the China (Shanghai) Pilot Free Trade Zone, while encouraging major companies to centralize the management of their risk protection needs within the area.

Domestic insurers will be encouraged to register reinsurance contracts, claims and related information at the Shanghai International Reinsurance Registration and Exchange, the authorities said, adding that reinsurance institutions will be supported in raising capital, expanding shareholding and issuing capital-supplementary instruments.

Additionally, efforts will be made to leverage the Lingang new area's strengths in cross-border cooperation to attract insurance institutions to explore new growth opportunities, the authorities said.

They added that the measures are part of broader efforts to build Shanghai into an international financial center, a key task set out in the outline of China's 15th Five-Year Plan (2026-2030).

China unveils measures to build Shanghai into global reinsurance hub

South China's Guangxi Zhuang Autonomous Region is still bracing for heavy rainfall Wednesday and Thursday, even as the area affected by downpours across the country is expected to shrink.

Central, eastern and southern parts of Guangxi have experienced heavy to torrential rains, with locally extreme downpours since Saturday. The cumulative rainfall ranged from 100 to 400 millimeters, with some areas exceeding 900 millimeters.

The State Flood Control and Drought Relief Headquarters maintained a Level-II flood-control emergency response for Guangxi, the national commission for disaster prevention, reduction and relief maintained a Level-IV national disaster relief emergency response, and the Ministry of Emergency Management maintained a Level-III national geological disaster emergency response for the region.

China has a four-tier emergency response system, with level I being the most severe.

Six people are dead and 11 others missing as of Tuesday evening after torrential rains triggered flooding in Guangxi, local authorities reported.

The torrential rains caused by Typhoon Maysak have affected 375,000 people across Guangxi and a total of 130,000 people have been evacuated from the affected areas, according to officials at a media conference.

Heavy rainfall continues to hit parts of Guangxi in south China