China Export and Credit Corporation(SINOSURE), China's only official credit insurance agency, promised to have new insurance specially designed for China's hi-tech products, said Xiao Fuxing, vice general manager of the company.

At present, information products are covered by business of SINOSURE while pharmaceuticals, software and new materials are not, though they also need export credit insurance. Exports of three categories have been growing rapidly with annual exports approximating 5 billion USD. They are featured with lots of batches, small quantities and amount, short cycle and great demand for capital.

SINOSURE will soon launch new insurance policies specially designed for software exports, catering the needs of risk averting and financing. It will also cooperate with relevant offices under the Ministry of Commerce to work out similar supportive measures for pharmaceuticals.

China aims to have its exports reach 1 trillion USD with 450 billion USD of hi-tech exports by 2020, which represents 3.5 times as that of 2000 and an increase of more than 15 percent year-on-year.

Products listed in Category of Chinese Hi-tech Exports will enjoy all-round support from SINOSURE, ranging from procedure and quotas to claims.

To small and medium sized hi-tech exporters, SINOSURE will provide information on international market and consulting services on risk control and management of accounts receivable. Other services include export credit insurance for hi-tech exporters. SINOSURE will work with banks to facilitate financing business under credit insurance for these exporters.

Xu found that more and more hi-tech enterprises and research institutes were interested in exporting their products. But they are short of talents who know very well how to tap the world market and have much idea about export credit insurance. SINOSURE will promote the export credit insurance system through various ways among hi-tech parks and key businesses.

In 2003, SINOSURE issued policies covering 5.7 billion USD, rising 107 percent year-on-year. Export credit insurance accounted for 1.3 percent of the total exports, compared with the world average at 12 percent.

For the first quarter of this year, SINOSURE issued policies covering 1.94 billion USD, soaring up 112.4 percent over the same period of last year. Exports credit insurance made up 1.7 percent of the total exports and 4.2 percent of the general trade.

SINOSURE expects to have the amount insured for export credit reach 10 billion USD this year and 20 billion USD next year.

SINOSURE will also help Chinese enterprises invest overseas, especially in surrounding countries. Resources development overseas by Chinese enterprises will be encouraged.

SINOSURE will pay more attention to businesses in petrochemicals, airplane manufacturing, communications, overseas projects undertaking and labor export, rail transportation, bio-pharmaceutical and software.

By People's Daily Online