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Chinese buying insurance from Hong Kong to bypass government controls
Spending almost doubled in a year despite government crackdown
Bloomberg on May 31, 2016
Chinese residents are successfully finding ways to avoid financial constraints dealt down by the government, and they’re using insurance to do it.
In February, the Chinese government tried to crack down on residents who were using their government-issued credit and debit cards to buy insurance from Hong Kong then cashing out the funds and sending them abroad.
But on Tuesday, Bloomberg reported that government initiatives to curb the insurance buying craze are failing. Spending on insurance and related investment policies almost doubled in a year and is now at $1.7 billion. The report says buyers continue to be motivated by uncertainty about the future of the currency and better coverage from Hong Kong policies.
Chinese buying insurance from Hong Kong to bypass government controls
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