China's short-term export credit insurance covers $60 bln in 1st nine months

China Export and Credit Insurance Corporation (CECIC) said Monday the short-term export credit insurance (ECI) it had undertaken during the first nine months this year totaled 60 billion U.S. dollars, a 200 percent year-on-year increase.

CECIC was supposed to offer short-term ECI covering at least 84 billion U.S. dollars in 2009, a target set by the State Council this May to provide more support to Chinese exporters amid the financial crisis.

The export volume with short-term ECI rose by 242.2 percent year on year this September. The ratio of exports with short-term ECI to the total exports had grown to 26.5 percent in this August from 2 percent in 2002, according to CECIC.

Founded in Beijing in December 2001, CECIC is China's only policy-oriented insurance company specializing in providing exporters with guarantees for payment risk in doing export or re-export from China by the way of L/C, D/P, or OA.

Source: Xinhua