Interview: Full confidence in China's economy: legal representative of BMW (China) Insurance Brokers

Andreas Glunz, legal representative of BMW (China) Insurance Brokers Co., Ltd., speaks during an exclusive interview with Xinhua in Beijing, capital of China, Nov. 23, 2023. (Xinhua/Chen Xu)

BEIJING, Nov. 28 (Xinhua) -- Andreas Glunz, the legal representative of BMW (China) Insurance Brokers Co., Ltd., shared his optimistic views on investing in China, expressing full confidence in the country's economy.

"Moving forward hand in hand with the limitless potential of the Chinese market, we will benefit the real economy, Chinese consumers, and ourselves," he told Xinhua in an exclusive interview.

Speaking at the opening ceremony of the Annual Conference of Financial Street Forum 2023 in Beijing earlier this month, Li Yunze, head of the National Financial Regulatory Administration (NFRA), announced that BMW (China) Insurance Brokers Co., Ltd. had obtained the insurance brokerage business license.

"The Chinese government has achieved open, transparent and efficient communication. We are honored to be another proof of China's financial openness," Glunz said.

Glunz said that from the initial expression of BMW's investment intention to the completion of the business registration of the new company in Beijing and the submission of applications to regulatory authorities, the NFRA and its Beijing bureau saw visits from executives of the company's parent company, engaged in face-to-face communication, and provided full support for the application.

"As a foreign investor, we see that the innovation speed of the Chinese market is very fast, especially the digital trend in the Chinese automotive market, particularly the booming market of new energy vehicles. We must keep up with the pace," Glunz said.

"The development of new energy vehicles has also brought new risk management needs to the automotive industry," he added, noting that the entire industry chain, including raw materials, supply chain and production processes, needs improvement and upgrading.

"Only by deeply understanding the technological changes in the industry can the insurance industry provide complete solutions for risk identification, risk quantification, and risk transfer," Glunz said. "This is our value, to actively participate in the transformation of the automotive industry, understand the trend of industry risk changes, and help the Chinese insurance industry better serve the upgrading of the automotive industry."

"We fully believe in the future development prospects and innovation vitality of the Chinese economy," Glunz added.

According to him, BMW (China) Insurance Brokers has currently formed three major pillar businesses: corporate insurance, retail insurance, and employee welfare protection. The company plans to accelerate business expansion in 2024, assisting the BMW Group's industrial chain to accelerate its transformation toward electrification, digitization and circular sustainability, Glunz added.

"We will strive to bring new products, new services and even innovative business models with an international management perspective to China's real economy. In an open environment, we not only bring global experience to China but also hope to build a bridge for China to communicate with the global market," Glunz said.