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In a move designed to help enterprises better hedge risks when doing business overseas, Sinosure, China's only insurer specializing in export and credit insurance, yesterday launched a risk-analysis report covering 190 countries.  

 

 

Although emerging markets such as those in Asia, Africa and Latin America remain high risk for Chinese companies, they're major destinations for the country's enterprises.

 

Afghanistan and Iraq are given grade nine implying that doing business there has the greatest risks. "The biggest risks in those countries are political turbulence, potential terrorist attacks and changeable investment regulations," said Tang Ruoxin, general manager of Sinosure.

 

Luxembourg, Andorra and Liechtenstein are granted the highest rating, grade one, meaning they have the best overall environment for business.

 

"Quite a number of smaller countries in Europe won very good ratings this year," said Tang. "But around 70 percent of countries have a grade below five which means a relatively high risk. And they're mostly emerging economies."

 

Sinosure's report assesses country risks based on several indicators such as the average default risk on corporate payments and to what extent a company's financial commitments are affected by the local business, financial and political situation. And it's the first time Sinosure's report has covered all countries and regions in the world.

 

China's major trading partners including the United States and Japan were given the same grading  as last year at level two.  

 

"One of our major concerns when doing overseas business is how to prevent potential risks effectively," said Jin Kening, general manager of the China National Chemical Engineering Corporation. "And this report provides us with a perfect risk map."

 

ZTE, China's largest listed telecoms manufacturer, has similar experience. As a company that conducts around 40 percent of its business overseas, ZTE is particularly alert to the risks.

 

"Our overseas business is mainly in Asia and Africa, both of which have comparatively higher risks," said Hou Weigui, president of ZTE. "And US$590 million of our exports were achieved with the support of Sinosure."

 

Export credit insurance is playing an increasingly important role in Chinese exports and assisting the country's enterprises as they venture into overseas markets. From 2004 to 2006 Sinosure provided insurance worth approximately US$70 billion to China's export sector.

 

(China Daily December 12, 2006)