China's insurance industry is playing an important role in domestic economy and still has more potential, said Li Kemu, vice-chairman of the China Insurance Regulatory Commission (CIRC).

He said that compared with banking and securities, insurance played a more distinctive role in China's economy. In a mature securities market, insurance companies were among the biggest institutional investors.

He said after China joined the World Trade Organization, more foreign insurance companies entered the market, which meant cooperation as well as competition for domestic insurance companies.

He said the CIRC would further widen the channels for insurance capital usage.

He said the CIRC has simplified administrative procedures to improve efficiency.

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