Shanghai International Reinsurance Exchange in Shanghai. [Photo/lingang.gov.cn]

Lin-gang Special Area in Shanghai achieved a significant milestone on Dec 26, with reinsurance transaction premiums surging past 10 billion yuan ($1.42 billion), marking another step forward for Shanghai in its journey towards becoming a global reinsurance center.

As a key initiative to align with international high-standard economic and trade rules and promote high-level institutional openness, Lin-gang Special Area has been steadfast in its mission to establish Shanghai as an international reinsurance hub.

Utilizing central-local coordination mechanisms, it has solidified functional platforms like the Shanghai International Reinsurance Exchange, attracting a diverse range of participants and enriching its services.

To date, 26 reinsurance institutions and six overseas trading seats have set up operations in the area, forming a complete industry ecosystem encompassing cession, broking, and assumption. Initiatives such as the international reinsurance conference and reinsurance marketplace have expanded trading scenarios, boosting market vitality, with 143 domestic and foreign institutions granted trading access.

An "industry + reinsurance" collaborative overseas expansion mechanism has been introduced, aggregating domestic underwriting capacity to effectively support the globalization of Chinese industries such as domestically produced large aircraft and new energy vehicles.

Looking ahead, Lin-gang will step up institutional innovations, foster a stable, transparent, and sustainable policy environment, and accelerate the cultivation of differentiated competitive edges to propel reinsurance firms further onto the international stage, injecting robust momentum into Shanghai's ambition to become a global financial hub.