The Chinese government announced on 9 November 2017 that it will gradually relax the foreign ownership limit for joint venture life insurance companies. The current maximum shareholding of 50% will be raised to 51% in 3 years’ time, and full foreign ownership will be allowed after 5 years. This is a significant move to allow foreign insurers to have greater market access to the insurance market in China. According to the CIRC statistics, up to July 2017, there are 57 foreign-invested insurers in China. The relaxation of the foreign ownership limit for joint venture life insurers is expected to allow greater autonomy of foreign insurers in the joint ventures, and alleviate the deadlock situation that may arise from the existing 50:50 shareholding structure between domestic and foreign partners, which may impede the growth of the joint ventures.