China will resolutely promote the reform and opening-up of its financial sectors, including the banking, insurance and securities, said Chinese Vice Premier Huang Ju on Thursday.

China will fulfill its WTO commitment and widely conduct international exchanges and cooperation in the insurance sector, said Huang in a speech to the 13th Annual Conference of the International Association of Insurance Supervisors (IAIS) that opened in Beijing on Thursday.

By bringing in international talents and advanced management expertise, China can take its insurance sector to a new level, he said.

China's burgeoning insurance market has drawn worldwide attention with its fast growth in recent years.

China's insurance premiums hit 493 billion yuan (US$62 billion) in 2005, the 11th highest in the world. Insurance premiums are expected to double by 2010, industry insiders estimated.

The IAIS conference was sponsored by the China Insurance Regulatory Commission. More than 600 high-level officials and experts from around the world attended the conference.

(Xinhua News Agency October 20, 2006)