MR CHAN KIN-POR (in Cantonese): Thank you, President. The Hong Kong Export Credit Insurance Corporation (“ECIC”), established in 1966 under the Hong Kong Export Credit Insurance Corporation Ordinance, provides export credit insurance services to reduce the non-payment risks faced by exporters due to commercial or political events, thereby promoting and supporting export trade.
In recent years, the pandemic and geopolitical tensions have brought adverse impacts on external trade. To strengthen its support for Hong Kong exporters (especially small and medium enterprises), ECIC launched the “100% Credit Limit Top-Up Scheme”, benefiting nearly 2 000 policyholders and covering $37.3 billion worth of goods. ECIC’s support measures for Hong Kong exporters have enabled them to sustain their business and explore new markets.
The Government has increased the cap on the contingent liability of ECIC on several occasions over the years to meet its business needs. It was announced in the 2023 Policy Address that the statutory maximum liability (“SML”) of ECIC would be increased from the current $55 billion to $80 billion, following the last adjustment in 2017. Whenever the aggregate maximum liability of ECIC is likely to exceed the prevailing SML, we promptly discuss and increase its SML, and this time is no exception. Not only can raising ECIC’s SML to $80billion demonstrate our continued support for Hong Kong exporters, but it also ensures that the cap is sufficient to accommodate ECIC’s future business growth and thus maintain market confidence.
With these remarks, President, I support the proposed resolution.