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Short-term export credit insurance doubles

(Xinhua)
Updated: 2009-10-05 21:26

China's short-term export credit insurance covers 60 billion USD in first nine months

BEIJING: China Export and Credit Insurance Corporation (CECIC) said Monday the short-term export credit insurance (ECI) it had undertaken during the first nine months this year totaled US$60 billion, a 200 percent year-on-year increase.

CECIC was supposed to offer short-term ECI covering at least US$84 billion in 2009, a target set by the State Council this May to provide more support to Chinese exporters amid the financial crisis.

The export volume with short-term ECI rose by 242.2 percent year on year this September. The ratio of exports with short-term ECI to the total exports had grown to 26.5 percent in this August from 2 percent in 2002, according to CECIC.

Founded in Beijing in December 2001, CECIC is China's only policy-oriented insurance company specializing in providing exporters with guarantees for payment risk in doing export or re-export from China.