CONFIDENTIAL ##
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42.
People's
(iv) The insurance system
The insurance system in China consists of the Insurance Company of China, the Insurance Company
of China and the Pacific Insurance Company. The first one
caters for the needs of local enterprises. The other two specialise in insuring foreigners' business and trade. In 1991, total insurance premium income from domestic and
foreign operations amounted to Rmb 21 billion and US$463 million respectively.
43.
workers.
An unemployment insurance fund was established in 1986 to take care of those workers who became unemployed as
a result of the enterprise reforms. From 1986 to June
1992, relief money was provided to 510 000 unemployed By end-1991, 66 million or 88% of the workers in state-owned enterprises were covered by this unemployment insurance scheme. At present, the state-owned enterprises are required to contribute an amount equivalent to 1% of
the workers' basic salaries to the scheme. As at the end
of 1991, the size of the fund amounted to around Rmb
3 billion.
Future direction of financial reforms
(i) The banking system
44.
The newly appointed Vice Governor of PBOC,
Zhu Xiaohua, has revealed that a comprehensive package of
measures to further reform the banking sector is now under consideration by a working party chaired by Vice Premier
Rongji, who is also Governor of PBOC.
The main
directions are as follows:
Zhu
(a) strengthening the central banking role of PBOC;
(b) separating
central banking functions from
commercial banking functions; and
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