The latest data shows that in 2021, the total value of my country’s import and export of goods trade is 39.1 trillion yuan, an increase of 21.4% over 2020, and the scale and quality have steadily improved.Matching the gratifying situation of foreign trade is the eye-catching performance of export credit insurance in the same period, with the underwriting amount of 830.17 billion US dollars, a year-on-year increase of 17.9%. The coverage of insurance has been further expanded, and the policy role has become more obvious. It should be said that the good situation of China’s foreign trade last year is inseparable from the protection of policy-based export credit insurance.

However, what needs to be seen is that the current development of China’s foreign trade is still facing many intricate challenges such as international trade frictions, repeated epidemics, and logistics tensions.To further play the role of stabilizing foreign trade, export credit insurance also needs to accelerate the improvement of policy guarantee level and high-quality service capabilities, so as to more effectively serve national strategies and accurately support enterprise development. This is not only a big issue for China Export & Credit Insurance Corporation, the bearer of policy-based export credit insurance, but also a big issue for export credit insurance policy formulation and supervision departments.

For the regulatory authorities, a favorable policy environment at the macro level still needs to be supplemented with operational, scientific and reasonable implementation measures. Since export credit insurance is a policy-based insurance system, its protection is more reflected in large-scale foreign trade projects, such as the export of large-scale complete sets of equipment, and large-scale overseas investment projects in countries related to the “Belt and Road” initiative. These projects have complex contractual terms, huge financing amounts, long execution periods and high credit risks. How to carry out effective supervision through the system and minimize the risk occurrence rate is a consideration for the innovation and resilience of the regulators. Especially in the face of the complex and changeable overseas markets and the ever-changing foreign trade transaction methods in recent years, regulators must expand their horizons, gain a profound insight into changes in the foreign trade market, and constantly update supervision methods.

For China Credit Insurance, more innovative designs are needed, such as how to cooperate with banks to bring financing convenience to enterprises.After the epidemic, foreign trade enterprises, especially small and medium-sized enterprises, have increased operating costs and tight capital turnover. Although China Credit Insurance has increased its trade financing efforts, it is far from enough compared with the needs of foreign trade enterprises. In depth cooperation and innovation between bancassurance and insurance is more urgent. Another example is the urgent need to innovate underwriting policies around the integration of domestic and foreign trade, supply chain integration, service trade and goods trade integration, etc. That supports enterprises to form core competitiveness, and improves the quality and level of my country’s industrial chain supply chain.

Stabilizing foreign trade is a long-term guarantee task. Only by keeping close to the international market and serving enterprises with high quality, export credit insurance can better undertake the policy mission of escorting foreign trade.