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Apple’s Tim Cook prepares to unveil Apple Watch. (Apple photo)

Arthur Bi, a partner at McKinsey and Company, said a traditional method of expanding business was to ask a massive number of agents to promote insurance sales. But that method can no longer meet the diversified demands of customers; nor can it aid the development of the industry.

Arvind Sawant, minister for heavy industries and public enterprise, who attended the meeting, told reporters that the government had heard the industry's concerns but needed more meetings before making any decisions.

As China further opens up the VC industry and competition intensifies, domestic players will become more capable, Zhou said.

Arson attacks on the High Court and the Court of Final Appeal buildings were a "menace" to Hong Kong's judiciary and were wholly unacceptable, according to the Hong Kong government, the police force and experts from the legal sector. Their remarks came after the city's much-respected judiciary system was attacked by radicals on Sunday.