Sinosure Backs Fujian Exports

China Export & Credit Insurance Corporation (Sinosure) is estimated to help Fujian, a province in the southeast of the country, achieve an export value of USD 5.3 billion this year, leaping about 70 percent from last year, and the growth rate is forecast at 25 percent, according to a head for Sinosure local branch.

Sinosure supported Fujian to record an export value of USD 4.97 billion by the end of November, hiking by 72.5 percent year on year, fueling the province’s export by around 11 percentage points the full year. The figure rose 160 percent versus USD 3.12 billion last year, and it accounted for 75 percent of USD 6.6 billion total underwriting amount for the eight years since establishment.

The short-term export credit insurance helped companies in the province rack up USD 1.361 billion from exports to emerging markets like South America, the Middle East and Russia, increasing by 25.3 percent over a year earlier; the usance letter of credit assisted them to make over USD 45 million from exports to developed countries, advancing by 150 percent from a year ago.