China Export Credit Insurance Corporation (“ SINOSURE” in short) is a state-funded policy-oriented insurance company established and supported by the state to promote China’s foreign economic and trade development and cooperation. With the independent legal person status, it was officially operated on December 18, 2001 and its service network covers the whole country.
The business tenet of SINOSURE is: “By means of export credit insurance against non-payment risks, promote Chinese exports of goods, technologies and services, especially high-tech and high-value-added capital products such as mechanical and electrical products, thus further support foreign trade and economic cooperation, economic growth, employment, and international balance of payments.” The main products and services include: medium and long-term export credit insurance, overseas investment insurance, short-term export credit insurance, domestic trade credit insurance, bonds & guarantees related to export credit insurance, accounts receivable management, and information consultation.
Taking “performing policy functions and serving open economy” as its own responsibility, SINOSURE actively expands its coverage of export credit insurance to provide comprehensive risk protection for China’s export of goods, technology and services as well as overseas engineering contracts and overseas investment projects. It has played an irreplaceable role in supporting the construction of “the Belt and Road”, promoting international capacity cooperation, cultivating international economic cooperation and new competitive advantages, and accelerating the optimization of economic structure.
Focusing on the area of credit risk management, SINOSURE has established a dedicated country risk research center and credit rating center, and has released the annual “Country Risk Analysis Report”, “Global Investment Risk Analysis Report”, global country risk rating and sovereign credit rating. Its credit information database covers more than 10 million companies, more than 40,000 banks and more than 800 industries in the world, and it has about 150 domestic and foreign information channels. Its credit reporting and recovery channels cover more than 200 countries and regions. As of the end of 2017, the cumulative domestic and foreign trade and investment supported by SINOSURE exceeded USD 3.3 trillion; the accumulated number of customers served was 110,000; and claims paid had amounted to USD 10.8 billion. SINOSURE had also cooperated with more than 200 banks to facilitate export finance, and helped export companies obtain loans of over RMB 3 trillion.
As a credit insurance institution established to meet the needs of economic globalization and the development of China’s foreign economic, trade, and investment cooperation, SINOSURE will closely focus on serving the national development objectives and strive to build the company into a world-leading credit insurance company in terms of comprehensive strength with prominent functions, leading technology, excellent services, standard governance, rigorous internal control, safe operation and sustainable development capacity. SINOSURE will continue to explore and innovate, surpass itself, and play a more powerful role in promoting the formation of a new pattern for China’s opening up, safeguarding national economic security, promoting economic growth, employment, and international balance of payments.