Shanghai, Aug 27 (Xinhua) HSBC Life Insurance Company Limited, a joint venture set up by HSBC and the Beijing-based National Trust, opened for business in Shanghai Thursday, marking the global financial giant's entry into one of the world's fastest-growing insurance markets.

The joint venture, headquartered in Shanghai, has a registered capital of 500 million yuan ($73.2 million). HSBC and the National Trust each hold a 50 percent stake.

The company will focus on the sector of China's population that has rapidly-growing discretionary income and will offer life, pension and medical insurance products.

'China is the focus of HSBC's strategy in emerging markets,' said Zheng Haiquan, chairman of HSBC Asia Pacific.