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important trade news could be delivered to SMEs via the Internet. Since September, SMEs could access local and global business contacts through the TDC-Link free of charge and at a nominal fee respectively.
During 1999, the TDC continued to promote Hong Kong's image as an international hub for business through high-level business seminars, roadshows, 'Hong Kong Dinners' in the world's business capitals, speaking engagements at international fora, global advertising campaigns in the world's top business publications, and its business newspaper 'Hong Kong Trader' which is sent to 60 000 senior corporate executives and decision-makers internationally. The TDC's highly sophisticated infrastructure for global networking, comprising bilateral business committees for the USA, the EU and Japan and 28 Hong Kong Business Associations around the world, has also been harnessed to this effort.
Hong Kong Export Credit Insurance Corporation
The Hong Kong Export Credit Insurance Corporation (ECIC) was created by statute in 1966 to provide insurance protection for Hong Kong exporters against non- payment risks arising from commercial and political events. Its capital is wholly owned by the HKSAR Government, which also guarantees its maximum contingent liability, currently standing at $10 billion.
The ECIC's mission is to encourage and support export trade through the provision of professional and customer-oriented services. It provides a wide range of insurance. facilities to Hong Kong exporters of goods and services trading on credit terms. The Comprehensive Cover Policy, which covers the payment for export, re-export and external trade of goods for credit terms up to 180 days, is the most widely adopted insurance scheme. Tailor-made policies are also developed to cater for the different needs of exporters in different business sectors.
In recognition of the difficulties faced by exporters in the stagnant trading environment, the ECIC introduced from October 1998 a special premium discount and policy fee waiver for policyholders. This initiative helped exporters to achieve direct savings in their accounts. It also devoted considerable resources to support the small and medium enterprises (SMEs) through close co-operation with the SME Centres of various trade organisations by active participation in joint functions and seminars. Consultancy services and feature seminars were also arranged and conducted for the export and banking communities.
The ECIC has been using information technology to provide Hong Kong exporters with more value-added, time-saving and customer-friendly services. In 1999, the ECIC continued to improve its efficiency and productivity by automating and streamlining its work procedures. A rule-based artificial intelligence software has been applied to execute policy underwriting work. EC-DEC, an electronic declaration system, was actively promoted to enable policyholders to declare their shipments to the ECIC in a much more cost-effective manner. The ECIC's information technology system was thoroughly tested and confirmed to be Year 2000 compliant.
The ECIC's total insured business in 1999 amounted to $23.08 billion, representing an increase of 9.6 per cent over that in the previous corresponding period. Gross premium income grew 6.5 per cent to reach $111.4 million (after taking into account the corporation's efforts to help the export community during the difficult trading environment through a waiver of policy fees for all polícies commencing from