China Export and Credit Insurance Corporation (Sinosure), the sole policy-oriented insurer in China, provided 28.57 billion US dollars worth of export credit insurance service during the first quarter of this year, said the company on Thursday.
Meanwhile, it paid 24.37 million US dollars in compensation to enterprises, helping them obtain banking credit of 40.5 billion yuan.
The short-term export credit insurance soared 227.7 percent on year to 26.49 billion US dollars in Q1, while the medium- and long-term export credit insurance reached 2.08 billion US dollars.
Export covered by export credit insurance represented 20.2 percent of China's general trade export value in Q1, 1.6 percentage points higher than that in 2009, and its proportion in total China's total export value rose to 9 percent from 8.2 percent by the end of 2009, indicating further expansion of the coverage of export credit insurance.
The Sinosure has strengthened support for small- and medium-sized exporters, and provided 3.45 billion US dollars worth of export credit insurance for them during Q1, soaring 169 percent on year.
In addition, the Sinosure has piloted and spread customized insurance policies for various industries.
Source: iStockAnalyst