Five issuance firms in China have taken part in a pilot credit-insured trade financing project in Zhongguancun Science and Technology Park, providing credit insurance for small- and medium-sized companies (SME) in the park.

The insurers have been insuring the credit of high-tech companies in pursuit of the innovative trade financings, making it easier for the cash-hunting firms to get account receivable from banks ahead of schedule.

By far, insurance firms that have taken part in the pilot project include China Export & Credit Insurance Corporation (SINOSURE), PICC Property and Casualty Co., Ltd. (SEHK: 2328), Ping An Insurance (Group) Company of China (SHSE: 601318 and SEHK: 2318), BOC Insurance, and China Continent Property & Casualty Insurance Co., Ltd.

As much as CNY 3.5 billion loan on credit have been granted to 65 SMEs in the park since the pilot trade financing project kicked off, according to an official for the Administrative Committee of the Zhongguancun Science Park.