The Financial Game Changing : The Implications of Now-Trending Internet Finance in the Chinese Insurance Market

Abstract

With economic growth in China slowing further, the development of economy requires particular types of financial arrangements, and the financial system responds automatically to these requirements. Consequently, the internet finance in the Chinese insurance market thus forecasts to grow at this the rate of the economy as a whole. This research is vital to study for the impacts of China’s financial reform on insurance business in Chinese market as an indicator of China‘s internet finance and economic development. The prime question of this research is ’how foreign insurance companies survive in China after the financial game changing?’ This paper discusses the revolution of China’s financial system in terms of the insurance industry bases on information technologies. It indicates foreign guarantors are ready to access in China’s insurance market by observing instructions which are implicated by the internet finance for foreign insurance companies, the regulatory dynamics, and the third-party online payment method. The implications have on foreign insurance companies are thus requiring the Chinese government to make corresponding actions to ease the admission of foreign insurance companies.