Sinosure and China CITIC Bank signed the "Comprehensive Business Cooperation Agreement"

by Axton Global
On November 20, 2020, Sinosure and China CITIC Bank signed the Comprehensive Business Cooperation Agreement. Vice President Zhang Hui of China Credit Insurance Corporation and Chairman Li Qingping of China CITIC Bank witnessed the signing of cooperation agreements on behalf of Vice President Guo Danghuai of China Credit Insurance Corporation and the principal of the Cooperation Department of China Credit Insurance Corporation.

During the meeting, Deputy General Manager Zhang Hui praised the work China Credit Insurance has done this year in helping companies bail out, stabilize exports, expand financing, and fight the pandemic. He further stated that China CITIC Bank is a very important partner of Sinosure, and the two sides have maintained a cooperative, long-term relationship in many fields.

The signing of this agreement will help Sinosure to perform its policy functions such as insurance policy financing, helping both parties join hands in the fight. The pandemic and the important responsibilities of promoting economic and social development have pushed bilateral cooperation to a new level.

Both parties must continue to strengthen coordination, improve their quality and effectiveness, and actively explore new areas and new forms of cooperation. They should also provide powerful financial support to Chinese enterprises, helping them "go global", and make greater contributions to develop the country's economy.

Why is it Important?
The support from leading banks is a vital part in trade credit insurance. For instance, if you have a Sinosure credit limit and want to negotiate deferred payment terms with your supplier in China, sometimes your partner is willing to cooperate but has insufficient working capital to offer you better payment terms.

In cases like these, the supplier can get financing for his export invoices using credit insurance as a collateral, like the one offered by China CITIC bank. This means that the more cooperation Sinosure has with Chinese banks, the more useful the insurance tool is, proving that it is indeed beneficial for the overseas buyer as well as the Chinese supplier.

Source: China Export Credit Insurance Corporation

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