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WASHINGTON: US Vice President Joe Biden said on Tuesday that China had agreed to an important financial sector reform by opening up its massive auto insurance market to foreign competition.
During a meeting with US business chiefs and Chinese Vice President Xi Jinping, Biden said China had indicated that it would move forward this year with tax reform to boost imports and domestic consumption, key goals sought by Washingotn.
"China's also just told us it will open the third party liability auto insurance market to foreign companies," said Biden, sat next to a broadly smiling Xi.
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