Sinosure Enhances Foreign Trade Through Credit Insurance
by Axton Global
Sinosure, also known as the China Export and Credit Insurance Corporation, plays a vital role in supporting China's international trade. Established in 2001 as a state-owned insurance company, Sinosure is dedicated to facilitating the country's foreign trade partnerships.
In 2023, it reached new milestones, with insured amounts surpassing $928.6 billion, compensation exceeding $2.3 billion, and services benefiting over 200,000 customers.
Regarding Sinosure's core product, short-term credit insurance, the year 2023 saw a notable 3.4% year-on-year growth. This growth led to the underwriting amount surpassing $770.8 billion.
To adapt to changes in global trade, particularly in sectors like cross-border e-commerce, Sinosure has introduced innovative products and services. For instance, it launched new cross-border e-commerce insurance products tailored to the needs of enterprises engaged in this rapidly growing sector. Additionally, it ventured into factoring financing, aircraft materials leasing, and service trade financing, among other areas, showcasing its adaptability to emerging trade formats.
Furthermore, Sinosure actively supports the integrated development of domestic and foreign trade. It has extended its insurance coverage to seven key industrial chains, such as electronic information, home appliances, complete vehicle engineering machinery, biomedicine, new energy, textiles and clothing, and modern agriculture, accounting for nearly half of its business. By insuring exports worth over $360.7 billion and local trade over $295.1 billion in these areas, Sinosure contributes significantly to the convergence of domestic and international trade.
In alignment with national initiatives like the Belt and Road, Sinosure has played a vital role in facilitating exports and investments to partner countries, exceeding $252.4 billion in 2023 alone. Noteworthy projects include supporting the expansion of China's automotive industry chain in Thailand and facilitating the export of smart agricultural technology to Uzbekistan.
Source: China Export Credit Insurance Corporation
In 2023, it reached new milestones, with insured amounts surpassing $928.6 billion, compensation exceeding $2.3 billion, and services benefiting over 200,000 customers.
Regarding Sinosure's core product, short-term credit insurance, the year 2023 saw a notable 3.4% year-on-year growth. This growth led to the underwriting amount surpassing $770.8 billion.
To adapt to changes in global trade, particularly in sectors like cross-border e-commerce, Sinosure has introduced innovative products and services. For instance, it launched new cross-border e-commerce insurance products tailored to the needs of enterprises engaged in this rapidly growing sector. Additionally, it ventured into factoring financing, aircraft materials leasing, and service trade financing, among other areas, showcasing its adaptability to emerging trade formats.
Furthermore, Sinosure actively supports the integrated development of domestic and foreign trade. It has extended its insurance coverage to seven key industrial chains, such as electronic information, home appliances, complete vehicle engineering machinery, biomedicine, new energy, textiles and clothing, and modern agriculture, accounting for nearly half of its business. By insuring exports worth over $360.7 billion and local trade over $295.1 billion in these areas, Sinosure contributes significantly to the convergence of domestic and international trade.
In alignment with national initiatives like the Belt and Road, Sinosure has played a vital role in facilitating exports and investments to partner countries, exceeding $252.4 billion in 2023 alone. Noteworthy projects include supporting the expansion of China's automotive industry chain in Thailand and facilitating the export of smart agricultural technology to Uzbekistan.
Source: China Export Credit Insurance Corporation
We help importers from all over the world to improve their trading terms with Chinese suppliers and extend payments to the supplier for 90 to 120 days using the Sinosure credit insurance tool
We help companies to obtain a new Sinosure credit limit, increase existing credit and provide comprehensive consulting services regarding Sinosure credit insurance
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Our Services
Obtain a new Sinosure credit limit for your company to negotiate deferred payments.
Expand your company's current Sinosure credit limit if you need to supply more goods.
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Axton Global is an international consulting company helping importers worldwide secure trade credit terms with Chinese suppliers.
We serve customers from 82 countries across 5 continents.
info@axtongl.com
We serve customers from 82 countries across 5 continents.
info@axtongl.com