Financial turmoil of the global credit crisis was further aggravated the situation, but the accident has raised the export credit insurance status and role.
International credit insurance and credit management services Coface recently released data show that in January 2008 to September index of corporate debt in 2007 than the same period increased by 36%. Hong Kong's open economy subject to global economic turmoil facing the same credit risk, is expected to local and deferred payment of arrears of cases will increase. As a result, Coface Hong Kong's A1 rating the risk of trade included in the negative watch list. The continued deterioration of the risk so that the addition to Hong Kong, other parts of the country's national and regional trade risk rating was also lowered. As early as April 2007, Coface has A1 rating for the United States included in the negative watch list, it was downgraded to countries in the euro zone has been extended to the members of the core.
"We believe that the credit crisis and the gravity of the situation has deteriorated in 2001, but because of the strength of emerging countries is more powerful than before, I believe that this crisis than the 1973,1982 and 1991 outbreak of the global credit crisis, as well as in 1997 Southeast Asian financial crisis minor. "Coface Greater China Group Managing Director Albert Richard (Richard Burton) told reporters that" due to the credit crisis related to financial markets, tightening of credit situation is relatively serious. "
According to experts, at present, the impact of domestic enterprises and export credit of the complex external factors. By the time the U.S. loan crisis, the United States and the European economy is slowing down, businesses appear to increase the risk of loan default. Since January this year, the loan delinquency cases in North America increased significantly, not only from real estate directly related to the industry, but also in other industries; REL another U.S. company, according to data revealed that in 2007 the United States recovered the number of days accounts receivable (DSO) 41 Days than in 2006 increased by 39.7 days of 1.3 days. The DSO annual growth in the past, or decrease the number of days not more than 0.5 days, Europe and Asia, the average DSO for 50 days. As a result, some exporters may not be the burden of bad debt losses, and losses will be passed on to his suppliers. In China, in addition to loan-to-time by the crisis, the national macro-control, such as income tax adjustment of the export of raw materials, energy, including oil prices, growth in labor costs, and so on, all domestic enterprises will have an impact on their credit status.
Coface Greater China in charge of nuclear security and claims, Deputy Managing Director of the Department of the square near the country (Xavier Farcot) said that "recently the South China region increase in the number of business failures, many of these enterprises and the Hong Kong-related enterprises or enterprises to invest in Hong Kong. Therefore , The Hong Kong-related enterprises will be paid in arrears or close down. On the other hand, the economic slowdown in Europe and the United States has Hong Kong's exports to the United States and European countries, the situation is expected to be in the next few months continued. "
Coface expected, and before the credit crisis, the credit crisis will continue for 18 months to 2 years. Even if the global economy has entered a long period of steady growth, enterprises need time to adjust. "Of course, this analysis is the assumption that there will not be more bubbles, the bubble has burst and the new situation." Bi added Richard.
It is clear that in 2008 China's foreign trade enterprises is a turbulent era, in this context, the Chinese enterprises how to make better use of export credit insurance to provide for their own protection?
Coface's proposal is that credit insurance is to ensure that the benefits of the largest enterprises to receive the security of trade receivables, trade receivables refers to the delivery of the goods only after receipt of payment, businesses can recover Accounts dependent on the financial environment and customer payment commitments, which the enterprise is critical to the future development. According to Coface's experience in economic crisis or a slowdown in economic growth, corporate default will increase. In fact, since early 2008, Coface to receive payment of corporate debt to increase the number of cases, and this trend will continue. Credit insurance can help protect the enterprise at any time buyers of non-payment risk, to ensure that the enterprise will not be affected as a result of bad debts for the future.
According to expert analysis, as a result of the crisis beyond the control of individual business trends, the domestic enterprises to be more efficient use of its own capital, some may not be able to seriously assess the profitability of the investment. In order to prevent losses, exporters must also devote more efforts to carry out credit management and credit control in order to avoid the risk. "Before doing business with buyers that they should buy a credit report or credit insurance, the buyers have a clear understanding, so as to minimize the risk of non-payment."
"China is to reduce volatility in the global economy plays an important role in China's economy achieve a soft landing is crucial. China's latest GDP in the first three quarters this year, an increase of 9.9 percent, by a moderate slowdown in domestic demand and exports, the central government is working to maintain Next year's gross domestic product growth of not less than 8%. However, mainland private enterprises has been reduced profit margins and reduce the volume of business, the payment will be transferred to the poor performance. "Square near the country said.
It is reported that as of September this year, Coface Greater China for customers to increase the amount of underwriting 270 billion, up 27%; global underwriting volume in September this year increased to 400,000,000,000 euros higher than in December 2007 Increase by 230 million euros.
The 2009 will certainly be very critical and challenging year. As a result, China's enterprises, for a rainy day, to take appropriate measures to make full use of export credit insurance for their proper management of credit risk, and be wise.
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