An American business group has urged to China to allow more access to its insurance and other service industries, saying foreign skills could help develop its volatile stock markets and cope with disasters like the recent chemical explosion in Tianjin.

The American Chamber of Commerce in China said Friday allowing more foreign competitors into banking, logistics and other markets would support the communist leadership's plans to nurture service industries and reduce reliance on trade and investment to drive economic growth.

The group's deputy chairman, Lester Ross, pointed to China's stock market plunge and the Aug. 12 explosion in Tianjin that killed at least 145 people, and said bringing in more global expertise could help to develop financial markets and reduce the impact of disasters.