Sinosure transformation plan submitted to State Council for approval

BEIJING, Dec 23, 2009 (Xinhua via COMTEX) -- China Export and Credit Insurance Corporation (Sinosure) has submitted its transformation plan to the State Council for approval, said Sinosure General Manager Wang Yi.

According to the plan, Sinosure will remain a wholly state-owned policy-oriented insurance institution. The Central Huijin Investment will inject 4 billion US dollars into the insurer. Its core business short-term credit insurance will still be policy-oriented, and will not be open to commercial insurers.

By December 18, Sinosure had provided 110.03 billion dollars of insurance and guarantee business, including 86.23 billion dollars of short-term export credit insurance business.

The short-term export credit insurance had surged 121.5 percent over the previous year. Such business covered 17.9 percent of China's exports by the end of November, 2.8 times that in 2008.The Central Huijin is a wholly owned subsidiary of China's sovereign wealth fund, the China Investment Corporation. It was established to invest in key state-owned financial institutions. Enditem