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China boosts export credit insurance

By Li Huayu (chinadaily.com.cn)
Updated: 2009-06-24 19:16

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A large number of exporters in China are under rising financial pressure rooted from reduced orders and delayed payment of credit accounts.

In order to reduce export risk, the State Council released a series of preferential policies in late May 2009, under which export credit insurance will draw more attention from the Chinese cabinet in the near future. Notably, it plans to raise the nation's export credit insurance coverage to a large extent, arranging $84 billion in short-term export credit insurance in 2009.

The nation's export credit insurance coverage is expected to hit 10 percent this year, compared to 3 percent in general trade last year, said a source familiar with the sector. "It is a tough job, but we are confident in achieving the goal with those policies."

Premium export credit insurer charges in the country are higher than international standards, so there is room for them to lower the fees in principle, reiterated the source, adding that the risk of some short-term export credit insurances is low.

However, lowering the premium may lead to policy losses, pointed out a top executive of China Export & Credit Insurance Corp. Export credit insurers' enthusiasm will mainly depend on how much subsidies they could gain from the treasury as a result...

The full text is available in the June Issue of China Insurance. Please visit E-Shop for more subscription details.