The China Export Credit Insurance Company has begun providing export credit insurance service to small and medium-sized enterprises (SMEs) with annual export volumes under 2 million US dollars.
The company is China's first and only policy-oriented export credit insurance one, founded in Beijing on December 18, 2001.
The company, wholly state-owned, has a business scope covering export credit insurance business denominated in Renminbi yuan and foreign currencies, reinsurance and bonding business related to export credit insurance, export credit insurance service and information consultancy business, investment of insurance funds as allowed by State laws and other business approved by the government.
The new service will offer insurance for small-sized Chinese exporters in case of overseas payment in arrears, foreign exchange rate management, embargo, import licence abolishment and warfare.
Over 99 percent of Chinese exporters are SMEs, contributing 60 percent of China's total foreign trade volume, said Zhou Ji'an, assistant general-manager of the company.
So as to support the export of Chinese SMEs, the company this time lowered the threshold to allow more SMEs to enjoy export credit insurance, Zhou said.