China Daily (Canada) - - BUSINESS -

Could you dis­cuss how AIA has been do­ing in China?

We are ex­tremely proud of the fact that we were the first non­main­land fi­nan­cial in­sti­tu­tion to be granted an in­surance li­cense in theChi­nese main­land in 1992 and the first in­surer to in­tro­duce the agency dis­tri­bu­tion sys­tem in China over 20 years ago.

I think our business in China should be­come our big­gest over time.

What do you think are the fu­ture op­por­tu­ni­ties for your company in China?

We still see the Chi­nese econ­omy grow­ing strongly, slightly be­low 7.5 per­cent this year. More than 300 mil­lion house­holds in China are ex­pected to have $10,000 in dis­pos­able in­come in 2015, an im­por­tant tran­si­tion point for de­vel­op­ing economies when it comes to as­set pro­tec­tion. The sav­ings rate in China is high at 50 per­cent of GDP and only about 30 per­cent of com­pa­nies pro­vide em­ployer-spon­sored re­tire­ment plans. Col­lec­tively, this will gen­er­ate huge de­mand for pro­tec­tion, es­pe­cially pro­tec­tion for their fam­ily, chil­dren and re­tire­ment.

What are your views on China’s slow­down?

I think the process of mov­ing from quan­ti­ta­tive to qual­i­ta­tive growth is the right process forChina’s de­vel­op­ment. The re­form process is clearly in mo­tion, and we are con­fi­dent of the medi­umto long-term suc­cess of the China story.

How do you rate the cur­rent in­vest­ment coun­try’s en­vi­ron­ment?

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