The Ministry of Commerce of the State Administration of Financial Supervision and Administration of China has issued a notice on strengthening the coordination between commerce and insurance to do a good job in domestic trade insurance related work

In order to thoroughly implement the decisions and deployments of the Party Central Committee and the State Council, deepen cooperation between commerce and insurance, fully leverage the role of domestic trade credit insurance (hereinafter referred to as domestic trade insurance), and actively serve the strategy of expanding domestic demand, the State Administration of Financial Supervision and the Ministry of Commerce jointly issued the "Notice on Strengthening the Coordination between Commerce and Insurance to Do a Good Job in Domestic Trade Insurance" (hereinafter referred to as the "Notice").

The notice consists of three parts. One is to propose overall requirements. Propose to unite the business system and the insurance industry to promote the development of domestic trade insurance in a steady and orderly manner. Support Beijing, Jiangsu, Fujian, Hunan, Guangdong, Sichuan, Ningbo, and Shenzhen to increase their efforts in exploring domestic trade insurance practices, and encourage more regions with conditions and willingness to promote the expansion and increase of domestic trade insurance based on their own actual situations. The second is to clarify the nine key tasks. This includes accurately expanding potential customers, supporting the needs of emerging and small and medium-sized entities, improving the supply of guarantee capabilities, fully leveraging the role of co insurance, promoting credit data sharing, strengthening business risk prevention and control, establishing industry collaboration mechanisms, strengthening domestic trade insurance supervision, and increasing publicity and promotion efforts. The third is to emphasize strengthening organizational support. Including strengthening organizational leadership at the local level, coordinating the use of existing funding channels, researching and providing policy support, and timely tracking and summarizing progress.

The Notice helps to explore effective experiences and practices in domestic trade insurance according to local conditions, strengthen domestic trade insurance supervision, prevent and resolve domestic trade insurance risks, and steadily and orderly promote the expansion of domestic trade insurance coverage and scale. Next, the State Administration for Financial Regulation and the Ministry of Commerce will ensure the implementation of the Notice, closely monitor the effectiveness of implementation in various regions, and better leverage the positive role of domestic trade insurance in expanding domestic demand and accelerating the integrated development of domestic and foreign trade.

Link: Notice from the Ministry of Commerce of the State Administration of Financial Supervision and Administration of China on Strengthening the Coordination between Commerce and Insurance to Do a Good Job in Domestic Trade Insurance