China vows to boost support for export credit insurance

Chinese regulators propose to boost support for export credit insurance. (Photo: CGTN)

China said on Wednesday that it is stepping up support for export credit insurance to spur the stable growth of foreign trade, especially for countries and regions participating in the Belt and Road Initiative (BRI), emerging markets and free-trade zone partners.

According to a circular released by the Ministry of Commerce and the China Export & Credit Insurance Corporation, Chinese regulators will help enterprises make full use of policy tools to optimize the role of export credit insurance in risk protection.

It envisages support for enterprises to deepen traditional export destinations and tap diversified markets and urges timely attention to difficulties facing small and medium-sized trade firms with targeted efforts to expand insurance coverage while cutting the costs.

A view of Yantian Port in Shenzhen City, Guangdong Province, China. (Photo: CGTN)

The circular also details efforts to encourage the growth of emerging foreign trade models such as cross-border e-commerce and overseas warehouses.

China, it says, will strive to improve services for all enterprises in the pilot free trade zones, free trade ports, state-level economic and technological development zones, comprehensive pilot zones for cross-border e-commerce, border (cross-border) economic cooperation zones, key demonstration sites and industrial parks for processing trade.

In addition, the nation eyes increased support for green and low-carbon products and high-tech products.