A staff member examines vehicles made by FAW-Volkswagen Automobile Co., Ltd. in Changchun, northeast China's Jilin Province, July 9, 2019. (Photo: Xinhua)

Allianz approved by Chinese regulator

German insurer Allianz has been granted approval by Chinese regulators to conduct commercial operations, making it the first fully foreign-owned insurance holding company in China.

Sergio Balbinot, the newly appointed president of the Shanghai-based Allianz (China) who was previously in charge of the group's business in western and southern Europe's markets, said that the approval puts the company in a prime position to maximize on the opening-up of the Chinese economy, chinatimes.net.cn reported.

"We appreciate the support from the China Banking and Insurance Regulatory Commission during our preparation process, and the approval is an important landmark for our business," Balbinot said.

GM launches luxury sedan in China

General Motors (GM) on Monday launched its luxury midsize sedan Cadillac CT5 in China, in its latest effort to reverse a sales downturn in the world's largest car market.

GM's joint ventures delivered 689,531 vehicles in China during the third quarter of 2019, down 17.5 percent year-on-year. After a weak 2018, GM sales in China continued to decline as the vehicle market remained sluggish.

Prolonged trade frictions between China and the US have added to the woes, according to market experts.

Despite the downward trend in its overall sales in China, Cadillac was GM's only brand that saw a significant rise in the third quarter, increasing about 11 percent to 51,049 units.