, Columnist
China Creates Own Insurance Monster
Beijing encouraged the nation's smaller insurers to flourish. Now Foresea Life is warning of mass defaults and social unrest.
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Is Beijing about to find out what it's like to be held hostage by a monster it helped create?
For the last several years, China has allowed smaller insurance companies to flourish in the interests of creating competition for industry heavyweights such as China Life Insurance Co. and Ping An Insurance Co. Authorities wanted to shake-up the population's save at all costs mentality and at the same time, encourage investment in areas other than the nation's oftentimes volatile stock market.