On 31 August, the China Export Credit & Insurance Corporation (SINOSURE) and the Wuhan Research Institute of Posts and Telecommunications (WRI) signed a comprehensive cooperative agreement, according to which WRI would purchase export credit insurance for all the export businesses of its new and high technology products.
At the signing ceremony, Deputy General Manager of SINOSURE Xu Fuxing said that his company would provide WRI with a full range of insurance services, including risk coverage of export remittance, overseas investment, customer risk investigation, domestic receivables, etc. According to Xu, these services would focus enterprises on R&D and production, diversify risks and diminish potential adverse impacts of risks, and are conducive to an improved risk prevention mechanism. Besides, compensation mechanisms can safeguard sustained and robust operations of enterprises.
WRI and SINOSURE signed at the ceremony an agreement on export credit insurance worth 10 million US dollars. The Wuhan S&T Bureau will provide corresponding subsidies to WRI.