SINOSURE China Credit Insurance's Annual Underwriting amount Exceeds US$700 Billion for the First Time

by Axton Global
Beijing, January 18 In 2020, China Export Credit Insurance Corporation's annual underwriting amount reached 700.07 Billion U.S. Dollars. It is a massive increase of 15.5%, with nearly 147,000 insured exporters providing a strong guarantee for enterprises to resume work and reach production capacity to stabilize foreign trade affected by the COVID-19 Pandemic.

China Credit Insurance also launched a number of inclusive financial policies and measures, covering various aspects such as underwriting, claims, and financing. In 2020, China SINOSURE served 116,000 small and micro enterprises and paid them nearly US$120 million in compensation.

Why is it important for Buyers importing goods from China?
Despite the turbulent environment caused by COVID-19, companies involved in international trade continue to import goods from China. Some of them are involved in the trading of medical supplies, solar panels etc. Trading and e-commerce businesses are even growing and experiencing a huge pressure on their working capital.

Chinese exporters scared by the unstable economic situation are not willing to offer deferred payment terms as they fear that the buyer`s company could become financially insolvent. This is where Sinosure could come in handy, as it offers credit insurance for international trade deals made on credit terms, from which both buyer and exporter could benefit.

Unlike other insurance companies like COFACE, Euler Hermes or Atradius who decreased their credit limits for buyers to cut their own risks, Sinosure increased the total underwritten amount for 15,5% in 2020.

How Sinosure's Credit Limit Can Help
If your company already has a lot of experience in trading with China or you are planning to purchase goods from China for the first time, taking advantage of the Sinosure credit limit would be a great idea. It will allow your company to enjoy 90 days deferred payment terms with your suppliers or even more, offering you a great deal of convenience.

Source: China Export Credit Insurance Corporation

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