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China’s big bang opening of its $45 trillion financial industry, foreign life insurers can set up 100%-owned units

To kick off the new year, foreign insurers can apply to set up 100%-owned units offering life insurance, a segment that accounts for three-quarters of the Chinese insurance market. Joint ventures — of which ICBC-AXA Assurance Co. is the biggest — brought in 8% of the sector’s total premiums last year, but have not been growing as fast as domestic competitors, according to Fitch Ratings.

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Slowdown hits sales of cars, biscuits in 2019, but not smartphones

Interestingly, there has been a significant rise in the average selling prices (ASP) of smartphones this year – rising from Rs 5,000-10,000 to Rs 10,000-15,000 now.
As per International Data Corporation (IDC), while more than 80 per cent of the market is sub-$200, the $300-500 category has witnessed multi-fold growth with flagship devices of players like Xiaomi, Oppo and OnePlus.

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