China boosts support for export credit insurance

BEIJING -- China is moving to step up support for export credit insurance as part of its efforts to spur the stable growth of foreign trade.

Regulators should guide enterprises to make full use of export credit insurance policy tools and give full play to the role of export credit insurance in risk protection, according to a circular jointly released by the Ministry of Commerce and the China Export & Credit Insurance Corporation.

The circular called for support to enterprises to deepen traditional export destinations and tap diversified markets, with a focus on providing credit insurance services for exports to countries along the Belt and Road, emerging markets, and free-trade zone partners.

Urging timely attention on the difficulties facing small and medium-sized trade firms, the circular stressed targeted efforts to expand insurance coverage and scale for them and cut their insurance costs.

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

In 2021, China has taken a slew of measures to ramp up foreign trade growth, including accelerating the development of new business forms and modes, further deepening reform to facilitate cross-border trade, optimizing its business environment at ports, and promoting reform and innovation to facilitate trade and investment in pilot free trade zones.

Official data shows that China's total foreign trade in goods moved up another notch in 2021, exceeding $6 trillion for the first time, despite the pandemic continuing to weigh on global trade.