The government of Inner Mongolia signed a memorandum of cooperation with the China Insurance Regulatory Commission in the city of Hohhot, Inner Mongolia, on March 26, a recognition of the great progress it has made in the insurance business in recent years.

In 2015, the region made 39.55 billion yuan ($6.07 billion) from insurance premiums, for year-on-year rise of 26 percent and paid out 12.5 billion yuan in compensation, and providing employment for more than 150,000 people.

The memorandum calls for the commission and regional government to work together to improve Inner Mongolia's insurance marketing, help develop insurance, support the insurance industry and its participation in social security and social management, and help with the use of insurance funds to build insurance services for micro-to-small enterprises in Inner Mongolia.

Taking part in the signing ceremony were Xiang Junbo, commission chairman, Fu Taizeng, Party member and vice-chairman of the region, and Yun Guangzhong, vice chairman of the region. Afterwards Xiang reported on reforms and development of insurance business for the regional government and all banner governments.

There was also a video and teleconference which Fu chaired, with Dong Hengyu, vice-chair of the regional People's Political Consultative Conference taking part.