Insurance may help exporters
By Wang Yanlin |
April 30, 2011, Saturday
|
Print Edition
Print Edition
SHANGHAI will continue to encourage exporters and investors to use export credit insurance to counter increasing risks in doing outbound business, the Shanghai Commission of Commerce said yesterday.
Unrest in some Arabic countries and the devastating earthquake and tsunami in Japan alarmed Chinese exporters and investors as many don't pay enough attention to uncertainties on the global market, said Sha Hailin, chairman of the commission. He added export credit insurance can reduce such risks.
An export credit insurance policy can protect companies' foreign receivables and is widely used in international trade and investment. China started to encourage use of this tool in 2009 when the global financial crisis took a big toll on Chinese traders.
Between 2009 and 2010, Shanghai's export credit insurance achieved a policy value of US$16.9 billion, 1.7 times more than in the previous seven years combined, according to the Shanghai Branch of the China Export & Credit Insurance Corp. Companies using this service nearly doubled to 510 from that in 2008.
Export credit insurance in Shanghai continued to expand quickly in the first quarter, and the local branch of China Export & Credit Insurance Corp said up to 900 firms may buy the service this year.
Unrest in some Arabic countries and the devastating earthquake and tsunami in Japan alarmed Chinese exporters and investors as many don't pay enough attention to uncertainties on the global market, said Sha Hailin, chairman of the commission. He added export credit insurance can reduce such risks.
An export credit insurance policy can protect companies' foreign receivables and is widely used in international trade and investment. China started to encourage use of this tool in 2009 when the global financial crisis took a big toll on Chinese traders.
Between 2009 and 2010, Shanghai's export credit insurance achieved a policy value of US$16.9 billion, 1.7 times more than in the previous seven years combined, according to the Shanghai Branch of the China Export & Credit Insurance Corp. Companies using this service nearly doubled to 510 from that in 2008.
Export credit insurance in Shanghai continued to expand quickly in the first quarter, and the local branch of China Export & Credit Insurance Corp said up to 900 firms may buy the service this year.
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