The Coface Group has opened its new subsidiary, Coface China, with an office in Shanghai. Coface Group is a leading export credit aganecy and trade facilitator which specializes in providing trade credit insurance and information on potential trading partners.
Coface China will allow global companies and Chinese companies to assess the credit of their trading partners through Coface's proprietary @Rating Solution, an online company trade debt system.
Other services that will be available to clients include access to the Hua Xia International Business Credit Information database and the Kompass China directory of companies operating in China.
The move comes as China prepares to enter the WTO. Most anlaysts predict that the country's already strong trade will explode as a result. Coface reports that over the last 12 months alone, Chinese trade with Europe has shot up 20%, while trade with Asia is up 16% and trade with the US is up 13%.
As China becomes an even more important member of the world trading fraternity, so inclusion in networks such as those operated by Coface will be become increasingly necessary. Speaking at the opening of the Group's new office, a Chinese government spokesman commented: "All Chinese companies and enterprises can now obtain credit checks on their trading partners with a simple click online. We are pleased that Coface has chosen to officially establish a presence."