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China Export and Credit Insurance Corporation (Sinosure) supports and helps Chinese enterprises realize more than US$60 billion of export and overseas investment during past five years, said a Sinosure official in Nanning on Thursday.

 

Liu Yongxin, vice general manager of Sinosure said at the on-going China-ASEAN Expo that Sinosure provided export credit insurance services for thousands of enterprises from 2002 to October 2006, ensuring export and overseas investment safety for China's exporters.

 

Sinosure provides medium-and-long-term export credit insurance for more than 100 projects, which mostly involve exports of mechanical and electronic products featuring high-tech and high added value, and complete plant equipment packages, as well as to contract for overseas projects.

 

Medium-and-long-term export credit insurance is a policy insurance for helping the insured ward off payment risk through shouldering commercial and political risks as stated in the insurance policies.

 

Sinosure supported financial organizations, such as banks, to provide exporters with 150 billion yuan worth of financing and helped exporters collect 200 million US dollars of debts over the past five years.

 

Sinosure, officially launched in late 2001 with the approval by the State Council, provides various services to enterprises, such as short-term export credit insurance, medium-and-long-term export credit insurance, investment insurance, bond and guarantee, credit rating service and debt collection.

 

(Xinhua News Agency November 3, 2006)