New China Life Insurance has welcomed Yang Yucheng as its new chairman, succeeding Li Quan, who recently exited due to reaching retirement age.

Yang, who previously served as the general manager of brokerage Shenwan Hongyuan Group, assumed the role of Party Committee Secretary at New China Life in late August, coinciding with Li's departure from all executive positions at the age of 60.

Having dedicated 15 years of service to Shenwan Hongyuan, based in the northwestern Xinjiang Uyghur Autonomous Region in Urumqi, Yang ascended to the positions of executive director and GM in May 2019.

He has laid out ambitious plans for New China Life, emphasising the necessity of substantial efforts to drive professionalisation and market-oriented reforms. According to a Yicai Global report, Yang highlighted priorities such as nurturing a proficient team, optimising asset and liability management, and implementing a market-oriented incentive and control framework.

Elsewhere in the country, authorities in Guangdong province in China have initiated a public consultation initiative aiming to grant residents of Macau and Hong Kong access to social insurance services on par with mainland Chinese residents in the future.

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