China asks state-owned insurer to step up support for exports

China asks state-owned insurer to step up support for exports

China’s ministry of commerce asked the state-owned trade insurer on Friday to take more steps to support exports, particularly by smaller exporters, saying the coronavirus outbreak had caused difficulty in shipping orders and receiving foreign exchange.

The ministry asked state-owned China Export & Credit Insurance Corp, known as Sinosure, to step up payouts on short-term insurance coverage of exporters and enhance risk management for smaller exporters, it said in a joint statement with Sinosure.

The ministry has also asked Sinosure to increase tolerance of risk and further lower fees and premiums on insurance for smaller exporters, it said.

(Reporting by Shivani Singh and Cheng Leng Editing by Peter Graff)

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