Foreign companies' share of the fast-expanding Chinese life assurance market has fallen below 5 per cent amid fierce competition from powerful domestic rivals, according to a new study.
Overseas groups boasted an 8.9 per cent market share in 2005, but this had dropped to 4.7 per cent in the first half of this year, according to a survey by PwC, the professional services firm.
Foreign groups have flocked to China but the responses by senior executives of 29 overseas participants suggest that achieving success could be harder than imagined.
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