China's short-term credit insurance for exports exceeds USD60 bln

China had provided short-term credit insurance for exports of over 60 billion US dollars by the end of September, twice as much as a year earlier and 1.5 times as much as in 2008, according to information from China Export & Credit Insurance Corp. (Sinosure).

A senior officer from the insurance company said that China's export credit insurance coverage has greatly expanded, providing stronger support to exports.

According to data provided by the insurer, short-term insured export credit has soared 102 percent, 250 percent, 193.6 percent and 242.2 percent respectively in June, July, August and September (up to September 29).

The proportion of the part covered by export credit insurance in the country's exports in form of general trade increased from 21.2 percent in June to 25.8 percent in July, then to 26.5 percent in August. The proportion stood at 14.9 percent during the January-August period, 2.3 times the figure for the full year of 2008.

During the first nine months of this year, Sinosure's export credit insurance, domestic trade credit insurance and credit guarantee business totaled over 75 billion dollars, 27 times as much as in 2002. Its export credit insurance took up about 16 percent of the general trade export volume, eight times as much as that in 2002.

Sinosure has expanded its credit insurance business to 228 countries and regions in the world so far.