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	NOTICE OF THE MINISTRY OF FINANCE AND THE MINISTRY OF COMMERCE ON USING EXPORT CREDIT INSURANCE TO PROMOTE FOREIGN TRADE AND EXPORTS OF ENTERPRISES

	(No.95 [2003] of the Ministry of Finance and Ministry of Commerce promulgated on August 18, 2003 and implemented as of July 1, 2003)


SUBJECT : FOREIGN TRADE AND EXPORTS; PROMOTION; CREDIT INSURANCE
ISSUING DEPARTMENT : MINISTRY OF FINANCE, MINISTRY OF COMMERCE OF THE PEOPLE'S REPUBLIC OF CHINA
ISSUE DATE : 08/18/2003
IMPLEMENT DATE : 07/01/2003
LENGTH : 622 words
TEXT :

Under the special circumstances, attack of "SARS" this year, China has adopted a set of timely steps to effectively promote the development of foreign trade and exports, and has achieved a relatively rapid growth of foreign trade and exports in the first half of this year. Though the fighting against "SARS" has made a significant intermediate success for the present time, the lagged influence of "SARS" on foreign trade and exports remains very uncertain, therefore, it is an important task in the future months of this year to support and promote the development of foreign trade and exports. In order to bring into full play the role of export credit insurance in supporting and promoting foreign trade and exports, and to further boost the development of foreign trade and exports, the relevant mattes are hereby notified as follows:

1. The branches of China Export & Credit Insurance Company shall earnestly carry out the investigation and study, understand in depth the actual demands of export enterprises, put emphasis on getting the information about the purchase of insurance for the products and production enterprises which are considerably affected by "SARS", track and grasp the restrictive measures that foreign countries have imposed on China due to "SARS", carefully analyze the actual impact on the business operations and exports of the enterprises within their respective regions, utilize the method of export credit insurance, actively promote the export enterprises to purchase export credit insurance, and to bring into full play the role of export credit insurance in supporting and promoting foreign trade and exports.

2. The commerce authorities at various levels shall take further effective measures and actively promote the enterprises to vigorously expand their markets and to endeavor to increase their exports. They shall publicize on a wide scale the effects of export credit insurance, promote the enterprises to take the initiative to purchase export credit insurance, prevent the risks in collecting income in foreign exchange, and make better use of the policy functions of credit insurance and its supportive role in expanding of exports.

3. With respect to the insured export projects of enterprises that are considerably affected by "SARS" during July 1 to December 31, 2003, China Export & Credit Insurance Corporation may, in accordance with the policies and provisions of the state, study and implement concrete policies on and measures for floating premium and appropriately lower the premium rate of export credit insurance considering the specific situations, such as insurance risks; may reduce or remit some charges on the policy holding enterprises according to the actual situations.

4. Further efforts shall be exerted in the work concerning the support and development fund of export credit insurance. The statistics, examination and submission of operational information and the allocation of support fund shall be carried out in an earnest way. The supportive policies of insurance premium subsidies for enterprises shall be implemented, thus to promote the development of export credit insurance for enterprises.

5. China Export & Credit Insurance Corporation shall further improve its services, strengthen the development of new products, promote business innovations, and better serve the expansion of exports; shall promote the development of trade financing under short-term insurances to relieve export enterprises from the shortage of short-term liquid capital; shall actively help the small-and medium-sized enterprises to enhance their awareness of risks, to establish and improve the risk management and prevention regimes, and to enhance their capacity of risk prevention; shall carry out the publicity and business training of export credit insurance through various kinds of ways; shall accelerate the determination of liabilities and the compensation work in export credit insurance, and properly streamline the process and accelerate the pace of claim settlement within the policy scope set forth by the state.