The Italian insurance group Generali announced on Wednesday that it would begin operating in China in partnership with the China National Petroleum Corporation (CNPC).

Generali said that it was the first company awarded an operating licence by Chinese government since the country joined the World Trade Organisation (WTO) in December.

The joint venture, to be called Generali China Life Insurance Company, will be controlled in equal parts by Generali and China Petroleum Finance Company, a CNPC unit specialised in financial services.

Its headquarters will be in Canton and the group will begin operations shortly, Generali said in a statement.

"Generali is one of a small number of foreign companies authorised to operate in the Chinese market," the statement stressed.

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