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Article 1. The present measures are formulated to encourage the export enterprises to actively exploit the international market, to assist the export enterprises in averting risks in the collection of foreign exchange proceeds, to exert the role of export credit insurance in promoting export, and to strengthen and regulate the management of the support and development fund for export credit insurance (hereinafter referred to the support and development fund). Article 2. Export enterprises mentioned in the present measures shall refer to all enterprises that have been registered within the territory of People's Republic of China and have obtained the right to engage in import and export business, regardless of their ownership category. Article 3. The support and development fund mentioned in the present measures shall refer to the exclusive fund that the state grants to the export enterprises for export credit insurance coverage. Article 4. Sources of the support and development fund are: (1) Central foreign trade development fund; and (2) Interests of the special account of the support and development fund. Article 5. Management and utilization of the support and development fund should follow the principles of openness and transparency, oriented use, scientific management and enhanced supervision. Article 6. The Ministry of Foreign Trade and Economic Cooperation and the Ministry of Finance shall take charge of the support and development fund and be jointly responsible for its utilization and management. The Ministry of Foreign Trade and Economic Cooperation shall be responsible for the operational management of the support and development fund, which includes determining the support orientation, scope of use, funding criterion and means of the support and development fund in conjunction with the Ministry of Finance, organizing special investigations and researches of the support and development fund, proposing the annual funding plan and so on. The Ministry of Finance shall be responsible for the budgetary and financial administration of the support and development fund, which includes examining and approving the annual funding budget in conjunction with the Ministry of Foreign Trade and Economic Cooperation, allocating the support and development fund, organizing the effect-tracing, monitoring and checking activities of the use of the support and development fund and so on. Article 7. The export credit insurance institution (hereinafter referred to the undertaking entity) entrusted by the Ministry of Foreign Trade and Economic Cooperation and the Ministry of Finance shall handle the specific matters about granting special funding to the export enterprises for export credit insurance coverage. Article 8. The scope of use of the support and development fund may include: (1) medium and long-term export credit insurance; (2) short-term export credit insurance; (3) overseas investment insurance; and (4) other scope approved by the Ministry of Foreign Trade and Economic Cooperation and the Ministry of Finance. Before being listed into the support scope of the support and development fund, the specific type of insurance within the preceding scope is subject to the consent of the Ministry of Foreign Trade and Economic Cooperation and the Ministry of Finance upon submission of it by the undertaking entity. Article 9. To attain the support and development fund, an export enterprise must meet the following conditions: (1) having registered within the territory of the People's Republic of China and having obtained the status as the independent corporate legal person and the right to engage in import and export business; (2) having covered export credit insurance with an insurance institution inside the Chinese territory and having paid the insurance premium; and (3) having no record of serious violation of regulations concerning foreign trade business, finance, export tax refund, foreign exchange control, custom supervision etc. Article 10. Any export enterprise meeting the conditions prescribed in article 9 of the present rules will be funded in a certain ratio of the actual paid premium (if the payment is effected in foreign exchange, it should be converted into RMB for calculation according to the exchange rate stipulated by the state): (1) for the coverage of medium and long-term export credit insurance or overseas investment insurance, 10% of the actual paid premium will be funded; (2) for the coverage of short-term export credit insurance, 20% of the actual paid premium will be funded. If the conditions are met by export enterprises in the country's western regions, each of the above ratios will be subject to a 5% increase. Article 11. The support and development fund shall be allocated to the export enterprises on a quarterly basis. The undertaking entity shall calculate and collect the export enterprises' premiums in accordance with the corresponding current premium rate, and within a month after the end of a quarter, refund to the export enterprises the amount of quarterly funding receivable. Article 12. The Ministry of Finance shall conduct advance allocation of the support and development fund to the undertaking entities, which must file an application for allocation to the Ministry of Finance and the Ministry of Foreign Trade and Economic Cooperation in the first month of a quarter. The Ministry of Finance may allocate the fund after consulting the Ministry of Foreign Trade and Economic Cooperation. Article 13. The undertaking entity shall establish the special account of the support and development fund, which is used exclusively for the accounting and management of the fund. Article 14. The undertaking entity must, within 10 days after the end of a quarter, submit the itemized quarterly Information Sheet Regarding the National Support and Development Fund for Export Credit Insurance (Attachment 1) to the Ministry of Foreign Trade and Economic Cooperation and the Ministry of Finance for record. The undertaking entity may allocate the fund to the insured export enterprises 10 days after the submission for the record. Article 15. Export enterprises shall conduct financial dealings pursuant to the relevant provisions of the state after receiving the support and development fund. Article 16. The undertaking entity must, within a month after the end of an accounting year, file a report to the Ministry of Foreign Trade and Economic Cooperation and the Ministry of Finance on the use of the support and development fund. The report shall include: the effect that the support and development fund has produced on the promotion of active exploitation of the international market by the export enterprises, information on the pay-in, pay-out and balance of the support and development fund, and the Itemized Sheet Regarding the Actual Funding of the National Support and Development Fund for Export Credit Insurance by Province and City (Attachment 2). Article 17. The support and development fund shall be the exclusive fund in terms of finance. No organization or person shall be allowed to retain or misappropriate it. Article 18. On the use of the support and development fund by the undertaking entity and export enterprises, the Ministry of Foreign Trade and Economic Cooperation and the Ministry of Finance or the empowered professional intermediary institutions shall conduct regular supervision and inspections, of which the main contents should include: (1) whether or not the amount of funding of the support and development fund is examined pursuant to the corresponding provisions; (2) whether or not the full amount of funding is allocated to the export enterprises; (3) whether problems arise such as retaining or misappropriating the support and development fund or other related violations of the financial and accounting system; and (4) the effect of use of the support and development fund. Article 19. Should any export enterprise or undertaking entity violates the provisions of the present measures and commits any of the following acts, the Ministry of Foreign Trade and Economic Cooperation and the Ministry of Finance may, based on the seriousness of the case, withdraw the support and development fund or cancel the undertaking right and propose the relevant departments to impose administrative sanctions on the leading members concerned and persons of direct responsibility. Where a crime is constituted, the case shall be handed over to, and dealt with by, the judicial organs: (1) fraudulently obtaining the support and development fund through various unlawful means; (2) retaining or misappropriating the support and development fund; or (3) rejecting, or refusing to cooperate in the supervision or inspections conducted by the relevant departments. Article 20. The undertaking entity in charge of export credit insurance business shall, in accordance with the provisions of the present measures, formulate the specific operational measures, which shall be carried out after being submitted to, and approved by, the Ministry of Foreign Trade and Economic Cooperation and the Ministry of Finance. Article 21. The power to interpret the present measures shall remain with the Ministry of Foreign Trade and Economic Cooperation and the Ministry of Finance. Article 22. The present measures shall come into force on January 1, 2003. Attachments: 1. Information Sheet Regarding Quarterly Funding of the National Support and Development Fund for Export Credit Insurance (omitted) 2. Itemized Sheet Regarding the Actual Funding of the National Support and Development Fund for Export Credit Insurance by Province and City (omitted) |
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