Copyright 2024 - Ningbo Life / Ningbo Expat

The Underwriting Scale of Ningbo Policy-based Export Credit Insurance Accounts for One-twentieth of the Country

Recently, the only policy-based insurance institution in our city, the Ningbo Branch of China Export and Credit Insurance Corporation, disclosed the report card of stable foreign trade in 2022: policy-based export credit insurance underwriting supported Ningbo's exports of 37.94 billion US dollars, a record high, accounting for 5.1% of the country, 1.6 percentage points higher than the national proportion of Ningbo's exports in the same period; the export penetration rate reached 31.5%, an increase of 2.8 percentage points over the previous year, respectively higher than the national export market. The provincial average was 10.5 and 8.3 percentage points; 7,230 service support enterprises reached a record high, including 4,245 small and micro enterprises, a year-on-year increase of 14.6%.

In 2022, China Export and Credit Insurance Corporation Ningbo Branch will continue to deeply implement the spirit of General Secretary Xi Jinping's important instructions on giving full play to the role of export credit insurance, conscientiously implement the deployment requirements of the municipal party committee and municipal government, anchor goals, act courageously, and strive to promote policy-based export credit insurance to stabilize foreign trade across the cycle, achieve results, and walk ahead.

Export credit insurance "guarantees" new increments. In the past year, the company has approved a total of 26,000 new overseas buyer credit limits, a year-on-year increase of 16%; The amount of the approved limit was US$16.99 billion, an increase of 25.2% year-on-year; The quota compliance rate reached 87.2 percent, including 90.2 percent in the fourth quarter. Through the buyer's credit limit, we fully support Ningbo foreign trade enterprises to grab orders and expand the market. At the same time, in accordance with the principle of "can reduce quickly, should be reduced as much as possible", policy-based fee reduction measures have been introduced, benefiting more than 4,600 small and medium-sized enterprises throughout the year, and the total amount of insurance premiums and credit reporting fees has exceeded 90 million yuan.

Export credit insurance "compensation" has made new efforts. Last year, the company actively optimized the claims settlement conditions, effectively resolved the impact of risks such as the Ukraine crisis, and helped Ningbo foreign trade enterprises reduce losses of 1.22 billion yuan, a year-on-year increase of 90%; paid compensation of RMB380 million, a year-on-year increase of 74.8%; The service timeliness of the whole process of claims settlement was shortened by 22.4%.

Accelerate the pace of innovation and support companies to expand their markets through financing tools. In 2022, the company promoted Ningbo's pioneering "Easy Cross Insurance" to support cross-border e-commerce exports of US$660 million, a year-on-year increase of 3.6 times, supporting overseas warehouses to rank first in the country in terms of global layout; and promoted the "Port and Shipping Service Guarantee" pioneered by Ningbo to accelerate the pilot to provide risk protection for US$80 million in service trade. Actively use the "Ningbo Trade Loan" policy platform, give full play to the financial leverage of policy-based export credit insurance, promote financing with insurance, promote exports with financing, and provide export enterprises with insurance policy financing credit enhancement scale of 12.97 billion yuan.

The person in charge of the Ningbo branch of China Export and Credit Insurance Corporation said that the next step will be to earnestly implement the "eight policies and measures for stable increase and quality improvement" jointly issued with the Municipal Bureau of Commerce, respond to the policy demands of the majority of export enterprises and the needs of professional export risk protection in a timely manner, and go all out to support the city's foreign trade to stabilize and improve quality

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