Study On The Selection Of China Export Credit Insurance Operation Mode

Export is the important pillar of China's economic growth. While because of the complex and volatile international economic environment, exporters must have to face with the impacts of various uncertainties and bear the considerable risks of trade, coming from the counterparty's economic fluctuation. Export credit insurance is set for export companies to withstand business risk and political risk of the importing countries. The development of export trade is affected by the development degree of export credit insurance in some degree.Export credit insurance in China experienced the development from agency by the relevant institution to the special export credit insurance institution. Founded in 2001, China's Export Credit Insurance Company is a state-owned company running in the policy operation mode. Then, the company has made a great development in the following days. However, according to the status of Chinese exports, the export credit insurance cannot afford the developing scale of the export trade. Since 2008, the international financial crisis has made export enterprises face with less profits and more risks, with the decline of foreign import demand and the uncertainty in capital and foreign exchanges markets. Actually the domestic development status of export credit insurance cannot meet the growing market demand.In 2008, the State Council release "Numbers of financial advices on promoting economic development", clearly stating that "study on opening short-term export credit insurance market, and introduce competition of commercial insurance companies to support the export trade". China export credit insurance is turning to shift its operation mode.This thesis based on a large number of reference papers is divided into six chapters to explore and discuss the shift on China's export credit insurance operation mode, and make some related recommendations on the development path. The first part is the main topics of this paper, which describes the background and significance of the study. And then outlines the main points of relevant literatures and related research results. At the same time, the structure of the paper and the study method have been summarized.The second part is an overview of export credit insurance. Underwriting of export credit insurance in accordance can be divided into short-term and long-term export credit insurance, with the length of time. Export credit insurance does not aim on profit. It is a policy financial tool supported by national finance, with the implementation of national policies. The important role of export credit insurance is mainly reflected in the role of export promotion and strengthening the support for export with the banking business.The third part is the introduction and referential experiences of international export credit insurance. In the 19th century, export credit insurance bourgeoned in Europe. It formed different operation mode in the continuous development.In the development of export credit insurance, it gradually formed privatization, commercialization, internationalization and a marketization trends. To take the development of the French COFACE for an example analyze the trends in detail.On the basic of the overseas development experience, China learn mainly from the things that deciding business model on the basic of business area, realizing commercial operation of commercial business on the basic of assuring the Policy functions, trying to realize marketization step by step.The fourth part is the introduction and the evaluation of China export credit insurance development process. I analysis the data of China Export Credit Insurance Corporation and compare the relevant indicators with international standards including permeability, insurance rates and claim ratio.According to the phenomena of relevant indicators analysis, there are several intrinsic problems. First, the risk problem including the weakness of risk analyzing, risk controlling and service quality in the insurance companies, and weak risk awareness in firms. Second, operation capacity including poor ability of diversifying risk under a small scale, limited underwriting capacity due to lacking of venture capital and products not meet market demand.The fifth part is the theory study on commercialize of China export credit insurance. First, On the basis of monopoly theory, I analyze the monopoly markets' situation of export credit insurance. Then under dividing business scope to commerciality and policy, I get the characteristics of commercial insurance operation. Next I get the commercial export credit insurance business conditions that operating commercial and policy insurance independently, achieving a certain operating scale, and spreading the risks by reinsurance.The sixth part is to explore the commercialization of China's export credit insurance operating approach. In accordance with the mode of periodical development it could have tow stage that internal improvement of commercial operation and exploring the development of marketization. Internal improvement of commercial operation includes that dividing commercial and policy insurance business, perfect credit risk assessment system and strengthen the network service system, step up national related policy efforts to support it. Exploring the development of marketization includes that take the Commercial insurance institution in to operating pilot in export credit insurance area, realize marketization overall, introduce insurance intermediation, realize reinsurance's coverage.According to China's specific development and business scope, it could choose the development path of China's export credit insurance. Promote the overall development in responding to international financial crisis. Then it could support the support of the export trade better.