Sinosure Continues to Expand Export Credit Insurance Coverage in 2023

In a recent press conference held by the China Banking and Insurance Regulatory Commission (CBIRC), it was announced that Sinosure, the China Export Credit Insurance Corporation, is actively working to broaden its coverage and provide stronger support for China's foreign trade enterprises. The key results from January to September 2023 were revealed, demonstrating growth and positive impacts.

In the first three quarters of 2023, Sinosure’s short-term export credit insurance underwriting amount exceeded $580 billion, indicating a year-on-year increase of 0.8%. This means that Sinosure continues to ensure financial security in international trade.

Sinosure has shown significant results in supporting small and micro-enterprises. From January to September 2023, Sinsosure served 174,000 of these businesses, marking a year-on-year increase of 17.2%. The underwritten amount for these enterprises reached $191.38 billion, a 14.3% increase from the previous year.

During the mentioned period, Sinosure achieved a notable increase in its export penetration rate, reaching 23.1%. This indicates a rise of 1.7 percentage points compared to the previous year, which means the corporation is expanding its influence in the global trade landscape.

Looking ahead, CBIRC will continue to guide Sinosure in further supporting Chinese suppliers engaged in international trade with buyers from all over the world. The focus will remain on providing high-quality financial services to ensure stability and optimization in foreign trade.

Source: China Export Credit Insurance Corporation

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