Till October 31, the program of duty-guarantee insurance has been piloted by Qingdao Customs District for two months since September 1, and the Customs has got from 14 enterprises a total of 29 pieces of duty guarantees issued by PICC, BOC Insurance and China Pacific Insurance, with guarantee amounts totaling 200 million Yuan. This insurance has alleviated the enterprises’ financing difficulties and improved their business efficiency.   

According to Qingdao Customs, such a reformative measure makes importers/exporters the insurance applicant and the Customs the insured. Thus, instead of paying cash deposit or seeking a bank guarantee, enterprises can directly buy duty-guarantee insurance from the aforesaid insurance companies, with insurance policies used for duty-guarantee formalities and import/export goods cleared easily, helping improve enterprises’ fund turnover.

For more and more enterprises to enjoy the benefits, this insurance program has begun to be promoted to all other Customs Districts from November 1, as  decided jointly by the GACC and China Banking and Insurance Regulatory Commission.