Scale of China's export credit insurance and guarantee up over 80%
January 29th, 2010 | People's Daily OnlineChina Exports & Credit Insurance Corporation (Sinosure) completed 11.66 billion U.S. dollars worth of insurance and guarantee business in 2009 amid a severe international trade situation, an increase of 85.8 percent year-on-year.
Of them, short-term export credit insurance policies amounted to 90.27 billion U.S. dollars, representing 2.2 times that in 2008, and not only meeting but exceeding the target of 84 billion U.S. dollars set in national policies ahead of schedule.
In 2009, the proportion of exports covered by export credit insurance to total exports rose significantly, with the export credit insurance coverage on the general export trade reaching 18.6 percent, 12.1 percentage points higher than that of 2008.
The support given to exports by major industries or exports to emerging markets has achieved new progress, helping enterprises export 49.15 billion U.S. dollars of goods to emerging markets such as Africa, Latin America and Central and Eastern Europe, up 114.1 percent year-on-year.
The results of the support to help enterprises seize orders and maintain market shares are emerging. Regarding the problems that “enterprises were afraid to receive orders,” Sinosure issued more short-term export credit insurance policies, with the amount of 30-day or longer export credit insurance policies rising by 144.9 percent in 2009. Regarding the problems that “enterprises lack the financial capacities to receive orders,” Sinosure actively issued export credit insurance policies to help enterprises secure trade financing totaling more than 160 billion yuan.