Background
Wu Dingfu was born in 1946, China.
定富 吴
Wu Dingfu was born in 1946, China.
After graduating from Hubei University with a specialization in Chinese language and literature, Wu Dingfu, a native of Wuxue City, Hubei Province, worked as a teacher in Wuxue Middle School in Guangji County from 1969 to 1980.
After leaving teaching, Wu held numerous positions within the county, including deputy director, CPC County Committee, Publicity Department (1980–83); deputy magistrate/magistrate, Guangji People’s Court (1983–84); and secretary, CPC County Committee (1984–87). Wu then became deputy commissioner, People’s Government at Huanggang Prefecture from 1987 to 1990. His next two posts were at the provincial level, first as deputy auditor-general at the Provincial Auditing Office (1990–91) then as auditor-general at the same office (1991–95).
Wu then moved to positions at the national level. From 1995 to 1998, he was a member of the Party Leadership Group at the CPC National Audit Office (NAO). In 1997, he was elected a member of the CPC Central Committee (CPC CC), Central Commission for Discipline Inspection (CCDI). From 1998–2000, he was the inaugural vice chair of the China Insurance Regulatory Commission (CIRC) (established in November 1998) as well as the head of the Party Committee, CPC NAO, CCDI. In 2000, Wu was elected a member of the Standing Committee, CPC CC, CCDI. From 2001–02, he was secretary general of the CPC CC, CCDI. In 2002, he became chair of the CIRC. Wu is an alternate member of both the 16th and the 17th CPC CC (2002–present). Appointed by the State Council, he is also one of the 12 members of the Bank of China’s Monetary Policy Committee, established in July 1997.
He joined the Communist Party of China (CPC) in 1972.
As the chair of the CIRC, Wu is the official spokesperson for the Chinese insurance industry. He is a familiar media presence, giving interviews and making speeches, and appearing in newspapers, on television, in magazines and journals. His analyses and opinions cover sectors including insurance, finance, and economics. He attends major insurance conferences both domestically and internationally. He has been a member of the Chinese delegation at the US-China Strategic Economic Dialogues since they were launched in September 2006.
Representing the CIRC, Wu opines that the Chinese insurance industry is still in an emerging stage, as insurance companies, regulators and the insurance market are still immature. Its development has been notable. The report, ‘The Opinions’, or ‘The Opinions of the State Council regarding the Reform and Development of the Industry’ (15 June 2006), marks a milestone for the Chinese insurance industry. The report calls for speeding up the insurance industry’s development and that its development should be consistent with China’s rapid economic growth and the establishment of a market- oriented economic system. The report also states the need to expand the types of insurance products and services available in the Chinese market.
The insurance industry has been adopting the recommendations detailed in ‘The Opinions’. Wu and the CIRC have pledged to encourage more insurance companies to seek business overseas, to support more insurance companies to list on international markets, and to raise funds in international capital markets. There is a huge potential within the Chinese insurance industry, and Wu predicts that by 2010, the industry will have ‘a big size, sound market operation and functions, a wide service network, sufficient repayment capacities, strong competitiveness and vitality’ (China Daily, 2006).