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Arthur Bi, a partner at McKinsey and Company, said a traditional method of expanding business was to ask a massive number of agents to promote insurance sales. But that method can no longer meet the diversified demands of customers; nor can it aid the development of the industry.

As China's economy grows, so too does the country’s number of pet owners – China now boasts the second-largest number of pets in the world, he said.

Arthur Bi, a partner at McKinsey and Company, said a traditional method of expanding business was to ask a massive number of agents to promote insurance sales. But that method can no longer meet the diversified demands of customers; nor can it aid the development of the industry.

As China has tightened regulations on the asset management sector to rein in risk lending, commercial banks are striving to make a transition in this business area, which is considered as an industry with high growth potential.

Applauding the positive role the UCIS has played, Firestein said the summit is a win-win for both countries.