SHANGHAI -- China on Thursday officially launched an international board for reinsurance trading in Shanghai and rolled out implementation rules for building the city into a global reinsurance center, according to the National Financial Regulatory Administration and Shanghai municipal government.

The rules mark an important step toward the construction of a global reinsurance center in Shanghai.

A total of 22 policy measures are detailed in the rules, focused on areas such as improving the infrastructure and institutional system of the reinsurance market, enhancing the supply and innovation of products, and promoting the high-level institutional opening up of the sector.

Measures will be taken to facilitate cross-border settlement of domestic reinsurance payments, reduce cross-border transaction costs and shorten the settlement cycle.

The country will participate deeply in global reinsurance industry cooperation and provide Chinese solutions for global risk protection and financial governance systems, according to the rules.