China: PICC issues first single short-term export credit insurance

(Business Insurance, New York, 29 April 2013) People's Insurance Co. of China has issued the nation's first single short-term export credit insurance for local manufacturing firm Zhejiang Yuanda Electronic Development Co. Ltd., reports Hexun.com. The deal between PICC and Zhejiang Yuanda Electronic encompasses an annual payment of $3 million. Media reports indicate that China's Finance Ministry had, in January 2013, approved the insurer's pilot short-term export credit insurance program.