China Export & Credit Insurance Corporation (SINOSURE) is a state-funded policy-oriented insurance company with independent status of legal person, established for promoting China¡¯s foreign trade and economic cooperation. It began operations on December 18, 2001. Presently SINOSURE has formed a nationwide service network. Its business guideline is ¡°by means of insurance service for foreign trade and investment, fully supporting the development of foreign trade and economic cooperation and promoting the economic growth, the employment and the equilibrium of international balance of payment¡±.
SINOSURE is mandated, in accordance with the Chinese government's diplomatic, international trade, industrial, fiscal and financial policies, to promote Chinese exports of goods, technologies and service, especially high-tech and high value-added capital goods like electromechanical products, and national enterprises¡¯ overseas investment, by means of export credit insurance against non-payment risks.
SINOSURE¡¯s main products include Medium- and Long-Term Export Credit Insurance, Overseas Investment (Leasing) Insurance, Short-Term Export Credit Insurance, Inbound Investment Insurance, Domestic Trade Credit Insurance, Bonds & Guarantees concerning foreign trade, investment and cooperation, Reinsurance concerning credit insurance, investment insurance, bonds and guarantees, Insurance Fund Management, Accounts Receivable Management, Debt Collection, Factoring, Credit Risk Consultation and Credit Rating, and other products and service approved by the Government. SINOSURE also introduced its ¡°SINOSURE Online¡±, a multi-function e-commerce platform, through which policyholders are able to get fast and convenient service.
Since SINOSURE¡¯s foundation, the role of export credit insurance in supporting China¡¯s foreign trade and economic cooperation has become more and more evident. Especially in the time of financial crisis, it served as leverage in stabilizing foreign demands and driving export deals. SINOSURE¡¯s policyholders were greatly helped in competing for orders and preserving their market share. By the end of 2015, SINOSURE has supported export, domestic trade and investment with a total value of USD 2.8 tillion, and claims paid has amounted to USD 9.5 billion. Its policies covered thousands of exporters and hundreds of medium- and long-term projects concerning high technology export, large electro-machinery and complete-set equipment export, overseas engineering contracts, etc. In the meantime, SINOSURE has facilitated the lending of CNY 2.7 trillion by 233 banks.
SINOSURE is determined to be a sustainable insurance company with clearly-defined position and business, special functions, adequate solvency, regular governance, strict internal control and safe operation. Through the service of policy-oriented insurance, SINOSURE will continue to serve the state strategy and play more important policy role in supporting China¡¯s foreign trade development with the strategy of ¡°go-abroad¡±, safeguarding the security of national economy, and promoting the economic growth, the employment and the equilibrium of international balance of payment.