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ry long course and the culture differences among different nations will virtually form the barrier in such a course. Compared with foreign competitors, domestic companies have self-evident culture advantages. What’ s more, the passion for the Chinese Nation deeply in Chinese people’ s heart is also one factor that cannot allow to be ignored.” [9] (P9) The result of a market research shows that there are 48.8% of involved people preferring to choose domestic insurance companies even the service quality of foreign companies is similar with domestic ones after they enter into the market in Beijing. Third, domestic insurers have obtained considerable number of customers. In 2000, simply PICC has occupied 77.7% of the market shares. Most of Chinese people tend to believe the rule of “first-come-first-in”, which is a characteristic in their mind. And it could also transfer to the advantageous condition for domestic insurers. As long as they pay attention to the service quality and the management, it will be hard for foreign insurers to strive for consumers with our insurers. PICC has established a nationwide service hotline at 95518 to offer 24-hour service, which is convenient for consumers to consult and report an accident anytime. Such a move of PICC is the result of the sharp competition in the market and it is effective. Fourth, “our insurance industry started much later than the foreign one that has developed for several decades and even several hundred years. But just for that we can take advantage of their successful management experience so as to save our time and cost, preventing from taking a detour.” [10] (P9) Our insurers are young but up-and-coming to learn from others and make rapid progress. Part Three Conclusion “Up to the end of October 2004, the total assets of China's insurance industry have already amounted to 1.1 trillion. This symbolized China’s country insurance industry’s development stepping into one new stair. When the domestic insurance business restored from 1980, the total assets of the country's insurance industry break through from 500 million Yuan to 1.1 trillion, which only took 25 years, but the yearly average rate of rise is 37%. That is too far behind for other industries to catch up with.”[11] (P36) 2004 is the first year when total assets of China's insurance industry hit the 1 trillion marks, and also a year when the insurance industry opened up completely to the overseas companies. All geographical restrictions on foreign-funded insurance companies are cleared up. As China opens up to the outside world, domestic insurance companies have absorbed and introduced advanced managerial experience and technology from their overseas counterparts in product development, capital utilization and risk control. However, the insurance industry is still in its preliminary stage of development with a relatively small size, low intensity and depth. Faced with the great challenges brought by foreign counterparts after China’s access to WTO, will domestic companies fail in such a contest? The answer is “No”. “Mr. Ma Yongwei, chairman of China Insurance Regulatory Commission (CIRC) ever pointed out that in a country that opens its insurance market without limit, foreign companies occupy less than 10% of its insurance market. So there is no reason to be afraid that foreign insurance companies will defeat the domestic ones after China opens the insurance market.”[12] (P19) Furthermore, since the reform and the open