CIC injects $3.21b into CECIC
Updated: 2012-12-19 16:11
By Wei Tian (chinadaily.com.cn)
China Export & Credit Insurance Corporation announced on Tuesday that it had received a 20 billion yuan ($3.21 billion) capital injection from China Investment Corporation, the country's sovereign wealth fund, through Central Huijin Investment Ltd.
Wang Yi, chairman of CECIC, said the injection will intensify the company's capital strength and improve its underwriting and solvency capacity, as well as increase its vigilance toward risk, so as to better support the Chinese companies in their overseas expansion.
Li Kemu, deputy head of the China Insurance Regulatory Commission, said CIC's capital injection marked a start of further improvement for CECIC in supporting the diversification of the country's exports and the transformation of foreign trade.
In the first 11 months this year, CECIC realized an underwriting sum of $307.2 billion, up 35 percent year-on-year. It has served a total of 26,000 small and micro-sized enterprises.
The insurer has made $950 million in payments to companies and banks this year, while underwritting 300 billion yuan financing for enterprises.
In the past 11 years, CECIC was the underwriter of $950.9 billion in foreign trade and investments and has made a total payment of $3.57 billion.