BEIJING: China has warned exporters they may end up not getting their money as the international financial crisis has eroded foreign banks’ and importers’ ability to pay.
“Some foreign commercial banks are suffering from insufficient liquidity and cases of malicious debt evasion and breach of contracts by importers in certain nations or regions are on the rise,” the commerce ministry said in a statement.
The statement urged government agencies, insurance firms and industry associations to closely monitor credit ratings of foreign banks and the business operations of overseas importers.
It also encouraged exporters to buy export credit insurance to protect themselves.
The official Xinhua news agency said Monday that China Export and Credit Insurance Corporation, the nation’s only provider of export credit insurance, paid $210 million in indemnities in the first 11 months of 2008.
That is up 174.5 percent from the same period in 2007, it said.
In December, the insurer reduced credit ratings for a record 48 countries including the United States.– AFP
May –
Anti-Graft and Corruption Awareness Month
“Corruption drains the nation
and victimizes workers who build the nation.
Accountability now!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
May 1 – Labor Day
May 2 – World Freedom Day
May 12 – World Communication Day
May 15 – International Day of Families
May 16 – International Day of Living
Together in Peace
May 21 – World Day for Cultural Diversity
for Dialogue and Development
Monthly Observances:
The Month of the Ocean
Anti-Graft and Corruption Awareness Month
Volunteerism Month
Weekly Observances:
Week 2: Safe Motherhood Week
Daily Observances:
May 1: Labor Day
May 7: Health Worker’s Day
May 31: National Fisherfolks Day
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