BEIJING (Reuters) - China's state council on Wednesday said it will issue concrete guidelines to strengthen supervision and prevent risks in the country's insurance industry, according to a statement.

The broad move will strictly approve the establishment of new insurance agencies, and improve the overall quality of the sector.

The government will also support qualified enterprises to participate in the reform of insurance organisations to resolve risks and will support eligible foreign insurance institutions to set up legal entities and branches in China, according to the statement.