Liang Tao, vice chairman of the China Banking and Insurance Regulatory Commission, said at the recently held CCISSR Forum ·2022 that to achieve Chinese-style modernization and common prosperity, a large number of high value-added advanced manufacturing and patented technological innovation are needed.

Liang Tao believes that there are five ways and means for insurance to help Chinese modernization and achieve common prosperity:

First, to serve the high-quality development of the real economy. Liang Tao said that in recent years, the insurance industry has continued to provide insurance protection through science and technology insurance and patent insurance, supporting the national innovation and development strategy, ensuring supply chain security and supporting the upgrading of the industrial chain.

Second, we will help improve the social distribution system. Commercial insurance participates in the third allocation through donations and public welfare charities, which matches more accurate target groups, is more targeted and fair, and can smooth the loss caused by risks in time and space, which should be included in the overall consideration of the construction of the national third allocation mechanism. Insurance participates in factor allocation through financial financing, establishes a "blood supply" mechanism in the form of debt, equity and asset support plans, actively participates in the construction of infrastructure, key industries and livelihood projects in underdeveloped areas, effectively alleviates the shortage of funds for livelihood transformation projects, and promotes coordinated development.

Third, we will support the development of a system to ensure people's wellbeing. Liang Tao, for example, said that in the past two years, the national epidemic situation is complex and severe, some catering, entertainment, tourism and other industries closed due to the epidemic, the Chaoyang District government of Beijing unified insurance "service enterprises epidemic prevention and control insurance", closed employees can receive 100 yuan per day living security, which is very important support for the continued operation of small and medium-sized enterprises and the stable life of enterprise employees. In addition, policies and inclusive livelihood insurance such as agricultural insurance and serious illness insurance play an important role in enhancing the anti-risk ability of low-income groups, effectively preventing "poverty due to disasters" and "poverty due to illness".

Fourth, promote social harmony and stability. The insurance mechanism can better connect the "effective market" with the "promising government", effectively ensure that children have access to education, education, employment, and housing, and has become an effective supplement to the national social governance system. For example, green insurance such as environmental pollution insurance promotes environmental protection, production safety, medical health, food and drug safety and other liability insurance supports resolving social conflicts and promoting social harmony, and comprehensive public security insurance supports and maintains social stability.

Fifth, ensure all-round human development. Common prosperity requires a high level of total factor productivity that meets the needs of modern development, and pays more attention to the all-round development of people. On the one hand, medical insurance allows patients to have access to medical care. On the other hand, pension insurance allows the elderly to "rely on old age". Practice shows that commercial pension insurance is an effective measure to reduce the burden of public pension security growth and enhance the sustainability of the pension insurance system. By the end of September 2022, there were 23 million effective end-of-term pension insurance policies, accumulating 650 billion yuan of pension liability reserves for policyholders.

Article source: Xinhua Finance