Accelerating the development of the insurance industry will help improve China's financial market structure, optimize the allocation of financial resources, and enhance the stability of the financial system, a Chinese official has said.

Li Yunze, head of the National Financial Regulatory Administration, said that from the perspective of financial structure, China's insurance industry assets only accounted for 7 percent of the country's total financial industry assets, while the international average was around 20 percent, indicating the sector's growth potentials.

In a speech that focused on promoting the insurance sector's high-quality development to push forward China's modernization, delivered Wednesday at the ongoing Lujiazui Forum in Shanghai, Li said that in the process of building a modern socialist country in all respects, the insurance industry was facing a historic opportunity for high-quality development and would play an irreplaceable role.

"As people's demands for elderly and medical care as well as the need to support others in society are constantly increasing, demand for diversified insurance protection is also rapidly rising," Li said.

He said that due to the continuous expansion of the country's middle-income group and the high savings rate of residents, insurance businesses ranging from old-age to health insurance had broad prospects for growth.

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