Reports about a possible merger in China between ING's two joint ventures in the country linking up have proved to be premature.

Pacific Antai Life Insurance Co and ING Capital Life Insurance Co will not be merging in the near future, according to a company official.

Lily Yang, China chief representative for ING Insurance International BV, said "there was no competition" in the Chinese market so there was no need for the two ventures to get together.

Mr Yang told XFN-Asia: "China is so large a market that we can expand further with the two units."

Shanghai-based Pacific Antai is a 50-50 venture with the China Pacific Insurance (Group) Co.

ING Capital Life, based in northeast China is a 50-50 venture between ING and Beijing Capital Group.

The Chinese economic tiger is still roaring with average annual GDP running at above ten per cent.

This is acting as a magnet to foreign companies eager to get a cut of the action.

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