Songyang county in Lishui, East China's Zhejiang province, has rolled out a series of initiatives aimed at stabilizing the region's international business activities, according to local media reports on July 24.

Since the beginning of 2023, the county has been actively implementing policies and enhancing services to provide financial support for enterprises, enabling them to overcome challenges and expand their market presence.

One of the key measures introduced by the government in collaboration with insurance companies is the export credit insurance scheme. The policy ensures that eligible export enterprises do not have to bear additional costs and can secure the recovery of their payments.

The insurance company will compensate these enterprises for any losses incurred due to commercial risks arising from overseas customers or banks issuing letters of credit.

In July 2023, Songyang increased the proportion of subsidies for premiums on export credit insurance that enterprises can apply for from 70 percent to 80 percent. Additionally, the government fully guarantees premium costs for small and micro enterprises with annual exports valued below $5 million.

According to official statistics, in the first five months of 2023, Songyang's total exports amounted to 450 million yuan ($62.47 million), representing a significant year-on-year growth of 73.3 percent.