Export credit insurance a boon
By Zhang Fengming |
December 31, 2009, Thursday
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Print Edition
Print Edition
EXPORT credit insurance has helped Shanghai exporters boost their overseas shipments by US$2 billion this year, and the city will increase the insurance coverage to bolster its exports in 2010, said the head of Shanghai Commission of Commerce yesterday.
The insurance, offered by China Export & Credit Insurance Corp which is also known as Sinosure, has helped secure or create 300,000 jobs and boosted Shanghai's tax income by 200 million yuan (US$29.3 million), said Sha Hailin, chairman of the commission, yesterday.
Shanghai will increase the insurance coverage, especially for small and medium sized exporters and firms which export advanced manufacturing equipment, he said.
Sinosure provides insurance coverage worth US$84 billion on China's exports, with US$5.9 billion of the amount covered for Shanghai's exports.
The Chinese government has promoted export credit insurance to trim risk exposures faced by exporters amid the global financial crisis. Export-oriented companies buy an export credit policy from the insurer to cover the risk of buyers defaulting on their payments. If the buyer defaults, the insurer will compensate the exporters.
To further encourage the insurance scheme, Sinosure in August signed policy financing agreements with banks, including the Bank of China, the Bank of Shanghai, Citibank, HSBC and Standard Chartered, in Shanghai. The exporters can transfer the rights of the policy to the banks in order to get a loan to meet their liquidity needs.
Shanghai's exports fell at a slower pace of 5.3 percent from a year ago to US$13.4 billion in November.
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