Generali China Life Insurance, a 50-50 joint venture between Italy-based Assicurazioni Generali and the China National Petroleum Corporation (CNPC), announced on June 7 the official launch of its Beijing branch, the insurer's second in China. The new branch, according to the company's officials, is a milestone for Generali China as it marks a transformation from being a regional insurance company to a national one. Generali China established its first office in China in Guangzhou in January in 2002. It is hoped that following the launch of its Beijing branch, Generali China will expand its operations across the country, according to company officials. Generali China, was the first joint venture insurance company after China's accession to the World Trade Organization (WTO). In the first year after China joined the WTO at the end of 2001 and in line with its commitments, Guangzhou, the capital of South China's Guangdong Province, was among the first baten of Chinese cities opened up to foreign insurance companies. The restriction for Beijing was lifted only last December. Foreign insurance companies will be allowed unfettered access to the whole China market by this December, three years after the nation joined the global trade bloc.
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