As global trade faces turbulent waters, Chinese export enterprises are receiving substantial policy support to navigate challenges and achieve sustainable growth. A recent joint initiative by the Ministry of Commerce and China Export & Credit Insurance Corporation (Sinosure) promises to inject new momentum into foreign trade, with particular emphasis on emerging business models like cross-border e-commerce.
Policy Protection Ushers in Golden Era for Cross-Border Trade
The newly released document, titled "Work Notice on Strengthening Export Credit Insurance Support for Cross-Cycle Adjustment to Further Stabilize Foreign Trade," outlines comprehensive measures to enhance policy coordination. The ministry and Sinosure will deepen collaboration in policy support, data sharing, and information exchange while expanding insurance coverage for industrial chains.
Notably, the policy specifically encourages stronger support for new trade formats including cross-border e-commerce and overseas warehousing. The initiative also promotes integrated domestic and international trade development while enhancing short-term insurance financing solutions to help enterprises mitigate risks and stabilize market confidence.
This represents more than just an upgrade to existing trade models—it's a strategic move to shape the future of global commerce through policy empowerment.
Multi-Pronged Approach to Stabilize Foreign Trade
China's foreign trade achieved remarkable results in 2023, with total import and export value surpassing $6 trillion for the first time, marking 21.4% year-on-year growth. However, maintaining this momentum presents challenges amid global economic uncertainty, supply chain disruptions, and the high comparison base.
In response, the Ministry of Commerce has designated 2024 as the "Year of Consolidating and Elevating Foreign Trade," implementing four key actions: cross-cycle adjustment for trade stability, market diversification, supply chain smoothing, and innovation-driven quality improvement.
Local Implementation of National Strategy
The notice requires regional commerce authorities and Sinosure branches to develop localized implementation plans compliant with WTO rules, ensuring policy effectiveness at all levels. This coordinated approach from central to local governments demonstrates China's comprehensive strategy to stabilize and develop its foreign trade ecosystem.
Credit Insurance as a Strategic Safeguard
Export credit insurance serves as a critical tool for international market expansion and risk mitigation. The strengthened partnership between the ministry and Sinosure aims to maximize this instrument's potential, providing enterprises with comprehensive risk protection as they navigate global markets.
With this robust policy backing, cross-border e-commerce and other innovative trade formats are poised for accelerated development, positioning China's foreign trade for sustainable, high-quality growth in the years ahead.