Apec to spotlight Shenzhen's global fintech push

Shenzhen’s financial services sector, deeply intertwined with fintech and expanding globally, is set to be a focal point during the upcoming Apec summit in the southern Chinese city. Xu Hua, assistant president of Ping An Property and Casualty Insurance Company, highlighted the company’s growth story, rooted in Shenzhen’s industrial Shekou area since the 1980s.

Now a service network spanning over 110 countries, Ping An Property and Casualty Insurance Company is among the participants and a sponsor of the summit. The city’s financial industry, representing nearly 15% of Shenzhen’s GDP, is renowned for its innovative spirit and role as an innovation capital. Xu emphasized the importance of technology in driving financial services, asserting that insurance must accompany innovation to serve as a protective buffer for the real economy.

With over 400 million yuan in dedicated risk protection for the summit, Xu anticipates the Apec meeting to yield both immediate benefits and long-term value, encouraging sustained cooperation post-event. He advocated for closer collaboration between insurers, reinsurers, and professional service providers to better comprehend local risks and tailor appropriate coverage for industries like new energy, advanced manufacturing, and the digital economy.