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China: PICC issues first single short-term export credit insurance

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People's Insurance Co. of China has issued the nation's first single short-term export credit insurance for local manufacturing firm Zhejiang Yuanda Electronic Development Co. Ltd., reports Hexun.com.

The deal between PICC and Zhejiang Yuanda Electronic encompasses an annual payment of $3 million.

Media reports indicate that China's Finance Ministry had, in January 2013, approved the insurer's pilot short-term export credit insurance program.

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