More measures to support exporters

2018-09-21 00:23:16

Hong Kong has stepped up measures to help its exporters and small and medium enterprises combat rising credit risks amid the trade dispute between the Mainland and the US.

Speaking to the media today after meeting trade representatives, Secretary for Commerce & Economic Development Edward Yau said the Hong Kong Export Credit Insurance Corporation has put out two additional special measures to boost support for the export sector.

?The originally proposed 25% (tariff) is now down to 10%, but still hanging in the air is whether the 25% will be kicking in by early next year, if not earlier. So I think that?s the difficulty faced by our trade and that?s why the uncertainty will still prevail. And therefore measures that we are proposing, for instance the increase in export insurance for SMEs, is so important. And that?s why we are stepping up measures,? he said.

A discount on premium for Small Business Policy holders will be increased to 30% from the current 20%.

For Small Business Policy holders with credit limits on US buyers, each credit limit will be raised by 20% to a maximum of $5 million.

Mr Yau said the new measures, together with previously expanded initiatives on free buyer credit assessment and additional pre-shipment cover, will be valid until June 30, 2019.

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