General

On April 23, Li Xingqian, Director of the Department of Foreign Trade of the Ministry of Commerce, disclosed at the regular policy briefing of the State Council that he would further strengthen support for foreign trade enterprises in terms of international trade export credit insurance from three key points.

Li Xingqian introduced that in recent years, China has played a role in export credit insurance, helping business entities prevent risks, expand the market, and stabilize orders, achieving positive results, which has been widely welcomed by enterprises and industries. In 2022, the short-term insurance underwriting amount of China Export&Credit Insurance Corporation reached 745.16 billion US dollars, a year-on-year increase of 10.2%; 180000 service support enterprises, a year-on-year increase of 12.6%.

This year's Report on the Work of the Government proposed to increase policy support for international trade export tax rebate, credit insurance and credit. Li Xingqian stated that currently, the Ministry of Commerce is in close communication and cooperation with relevant units to make full use of export credit insurance policies, guide local commercial authorities to strengthen cooperation with export credit insurance institutions, and ensure the implementation and effectiveness of relevant policies.

Specifically, there are three key areas of focus: firstly, enhancing "policy oriented". Based on changes in the foreign trade situation and the actual needs of enterprises, we will leverage the protection function of export credit insurance. Further expand the underwriting scale, cover more foreign trade enterprises, and help enterprises reduce international trade export risks.

The second is to expand "inclusivity". In the first quarter of this year, China Export&Credit Insurance Corporation provided short-term insurance services to support 142000 small and medium-sized enterprises, an increase of 26.2%; The underwriting amount was $60.9 billion, an increase of 21.8%. In the future, the Ministry of Commerce will continue to promote export credit insurance institutions to optimize their underwriting plans for small and medium-sized foreign trade enterprises, increase one-on-one services, and expand their underwriting coverage for small and medium-sized foreign trade enterprises. Especially, we need to optimize underwriting and claims conditions, and take multiple measures to enhance the experience and sense of gain for small and medium-sized enterprises. At the same time, encourage banks and insurance institutions to expand cooperation in policy financing and credit enhancement, promote online inclusive policy financing products, and improve the "government+bank+insurance" and international trade "single window" cooperation models.

The third is to focus on "innovation". Combining the characteristics of new cross-border e-commerce formats and models, we will promote innovative underwriting models and increase the support of international trade export credit insurance for new formats and models. Accelerate the expansion of industry chain underwriting and deepen precise services for segmented industries such as electronic information, home appliances, vehicle engineering machinery, biopharmaceuticals, new energy, textiles and clothing, and modern agriculture.