178 IN THE SHADOW OF THE DRAGON After continued lobbying, the local police department finally recognized Ma's right to offer insurance. It had taken him a year to communicate the idea and have it accepted. Facing the Competition Ping An began its operations at a time when it had virtually no competition. Foreign insurers were not allowed to operate in China. Throughout the 1980s, though, foreign investment had started pouring into China, most of it concentrated on manufacturing goods for export. Foreign companies had to buy property insurance both to cover the value of manufactured goods and to obtain loans from foreign banks. Early regulations required foreign companies to buy their insurance in China from a state-owned monopoly, the PICC. There was little choice about the products offered and no flexibility in pricing. As government regulations gradually eased,