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Lin-gang issues policies to stabilize foreign trade among small and micro-sized firms

en.lgxc.gov.cn| Updated: Jul 20, 2020 L M S

Export enterprises registered in the Lin-gang Special Area can apply for an export credit insurance policy through the China (Shanghai) international trade service window if their declared export volume in 2019 does not exceed $5 million, according to Shanghai's policies to maintain a stable foreign trade.

For all exports that occur within one year after the date of receipt of the policy, if the policy terms are met and goods are lost, the company may apply to the Shanghai branch of China Export & Credit Insurance Corporation (Sino Sure) for compensation, up to a maximum of $120,000.

In addition, the company can also apply for three overseas buyer standard reports to investigate quotas after the receipt of the policy and can still apply for pure online, pure credit unsecured loans from the bank with the help of the policy.

The division of finance and trade development of the Lin-gang Special Area Administration and Sino Sure arranged a policy briefing on July 17 to help enterprises in the area respond to the adverse impacts of the epidemic.

More than 400 small and micro-sized foreign trade enterprises entered the comprehensive insurance list after the preliminary enterprise situation was sorted out. After further assessment, nearly 70 small and micro-sized foreign trade enterprises were invited to the meeting. Fifty-five enterprises applied for the insurance policies at the meeting.

"I didn't expect to be able to apply for a policy on the spot today, and then apply for a pure credit loan from the bank after it takes effect tomorrow. This is the most pressing issue for us," said a head of a small foreign trade enterprise.

Sino Sure also issued a free service – "small firm credit traffic lights" – to quickly assess the advantages and disadvantages of overseas merchants.

According to a business leader attending the meeting, the 'traffic lights' warning system gives businesses more confidence when receiving orders.

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The staff of Sino Sure introduces the policy to a business leader at the policy briefing on July 17. [Photo/WeChat account: shlgguanweihui]

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