China Export & Credit Insurance Corporation (SINOSURE) is a state-funded and policy-oriented insurance company established and supported by the state to promote China's foreign economic and trade development and cooperation. As an independent legal entity, SINOSURE was officially launched and put into operation on December 18, 2001, and now its service network covers the whole country of China.
By providing insurance services for foreign trade and investment cooperation, SINOSURE promotes foreign economic and trade development, and focuses on Chinese exports of goods, technologies and services, especially the exports of high-tech and high-value-added capital products, such as mechanical and electrical products. In this way, the company further supports economic growth, employment,and international balance of payments.
Dedicating to "performing policy functions and serving open economy", SINOSURE effectively serves for national strategies, accurately supports the development of enterprises and ensures financial sustainability. The company actively expands its coverage of export credit insurance and plays an irreplaceable role in supporting the construction of the Belt and Road Initiative (BRI), promoting a steady and quality growth of foreign trade, cultivating new edges for international economic cooperation and competition, stabilizing industrial chains and supply chains, and accelerating the optimization of economic structure.
Focusing on credit risk management, SINOSURE has established the Country Risk Research Center and the Credit Rating Center. Its credit information database covers more than 320 million global enterprises and banks. SINOSURE also has more than 400 information channels at home and abroad, whose credit reporting and recovery business covers all countries and regions and major sectors across the globe. As of the end of 2021, SINOSURE had accumulatively supported more than USD 6.16 trillion of domestic and foreign trade and investment, provided credit insurance-related services for over 240,000 enterprises, paid a total of USD 17.848 billion claims and facilitated nearly 300 banks offering more than RMB 4 trillion of financing for exporters. According to the statistics of the Berne Union, since 2015, the total insured amount of SINOSURE has been continuously ranking top among ECA members.
The State Council approved the formal establishment of China Export & Credit Insurance Corporation (SINOSURE).
On the seventh day after China's accession to the World Trade Organization, SINOSURE officially opened for business.
SINOSURE set up eleven business management divisions in Shenzhen, Fuzhou, Guangzhou, Xiamen, Shanghai, Hangzhou, Nanjing, Dalian, Ningbo, Qingdao and Tianjin, and seven business offices in Chongqing, Zhengzhou, Xi'an, Chengdu, Hefei, Changsha and Nanchang.
SINOSURE and the Ministry of Commerce (MOC) co-hosted the Conference on Export Credit Insurance and Foreign Economic and Trade Cooperation. Madame Wu Yi, then Chinese Vice-Premier attended the event and gave instructions.
The eleven business management divisions were adjusted and renamed the branches of Tianjin, Shanghai, Jiangsu, Zhejiang, Fujian, Xiamen, Shenzhen, Guangdong, Ningbo, Liaoning and Shandong, and the seven business offices were adjusted and renamed the business management divisions of Chongqing, Zhengzhou, Xi'an, Chengdu, Hefei, Changsha and Nanchang. London Representative Office was established.
SINOSURE held a press conference on The Handbook of Country Risk at the Great Hall of the People to officially release the Handbook.
SINOSURE headquarters were relocated to the Fortune Times Building.
Hefei Business Management Division and Zhengzhou Business Management Division were adjusted and renamed Anhui Branch and Henan Branch respectively. Harbin Office and Guangxi Office were renamed Harbin Business Management Division and Nanning Business Management Division respectively. Wuhan Business Management Division was established.
Facing the outbreak of the international financial crisis, SINOSURE held the SINOSURE Media Conference 2008 to release the policies and measures supporting enterprises against the crisis.
● The Government Work Report for the first time put forward explicit requirements on export credit insurance.
● SINOSURE and the MOC co-hosted the national export credit insurance working conference.
● SINOSURE completed the national task of short-term export credit insurance of USD 84 billion 17 days ahead of schedule.
● The total annual amount insured exceeded 100 billion U.S. dollars.
● SINOSURE and the MOC co-hosted the national working conference on commercial finance and export credit insurance.
● The SINOSURE Hope Primary School was founded.
● The State Council approved the general reform plan of SINOSURE.
● The total annual amount insured exceeded USD 200 billion.
● On December 18, the ceremony of SINOSURE's reform and capital injection was held in Beijing, China. China Investment Corporation injected RMB 20 billion into SINOSURE via Central Huijin Investment Ltd. On the same day, SINOSURE held the first meeting of the Board of Directors, and it held the first meeting of the Board of Supervisors on December 19.
● SINOSURE offered paired assistance to Huoqiu County, Anhui Province, one of the key counties included in the national plan for poverty alleviation through development.
● The total annual amount insured exceeded 300 billion U,S, dollars.
● SINOSURE attended 2013 Berne Union Annual General Meeting in autumn in Vienna, Austria and the delegate of SINOSURE was elected the vice chairman of the medium- and long-term committee of the union for the first time.
● The short-term export credit insurance amount exceeded 300 billion U.S. dollars.
● The SINOSURE postdoctoral research center was inaugurated and recruited the first batch of postdoctoral fellows.
● The total annual amount insured exceeded 400 billion U.S. dollars.
● SINOSURE offered paired assistance to Yugan County, Jiangxi Province, one of the key counties included in the national plan for poverty alleviation through development.
● SINOSURE released The Yearbook of World Investment Risk for the first time.
● The total insured amount and major types of insurance ranked first among ECAs.
● SINOSURE released the first global sovereignty credit ranking.
● The Outline of the 13th Five-Year Plan of SINOSURE was published.
● The First Belt and Road Forum for International Cooperation was held in Beijing, and 17 cooperation agreements of SINOSURE were included in the List of Deliverables of the Belt and Road Forum for International Cooperation.
● The total annual amount insured exceeded 500 billion U.S. dollars.
● The roundtable meeting of the 2018 Beijing Summit of the Forum on China-Africa Cooperation adopted the Beijing Declaration – Toward an Even Stronger China-Africa Community with a Shared Future and the Forum on China-Africa Cooperation Beijing Action Plan (2019-2021). Export credit insurance was included in the action plan as an independent financial instrument for the first time.
● At the plenary meeting of 2018 Berne Union Annual General Meeting in Paris, France, the delegate of SINOSURE was elected as the vice chairman of the union.
● The total annual amount insured exceeded 600 billion U.S. dollars.
SINOSURE formulated the "336" development strategy, adjusted and optimized the organizational structure, started six major strategic programs, and proposed the vision of building a world-class credit management organization.
● In response to the outbreak of COVID-19, Chinese President Xi Jinping made important instructions on the work of export credit insurance three times, calling for the full play of the role of export credit insurance. SINOSURE immediately developed policies and measures such as the 10 Special Policies and the 23 Opinions to further expand insurance coverage under controlled risks, and compensate enterprises as far as possible.
● The total annual amount insured exceeded 700 billion U.S. dollars.
● The Government Work Report put forward explicitly the requirements on export credit insurance for the tenth time and for the seventh time in a row.
● Chairman Song Shuguang attended the press conference on promoting the high-quality development of banking and insurance sectors organized by the State Council Information Office, and answered questions from Chinese and foreign journalists.
● The Outline of the 14th Five-Year Plan of SINOSURE was published.
Minas-San Francisco Hydroelectric Project underwritten by SINOSURE benefits 220,000 households, boosts green development of BRI
SINOSURE issued the Guiding Opinions on Stepping up Green Finance Development and the Opinions on the Accurate and Comprehensive Implementation of the New Development Philosophy, Carbon Peaking and Carbon Neutrality, strengthened the top-level design for green finance development, and improved the long-term mechanism for green finance operations. It established a working group for green finance development led by Chairman Song Shuguang to strengthen organizational support and overall coordination for green finance development. It incorporated green finance development and green development transformation into the top-level institutional arrangements such as the 14th Five-Year Plan, the reform action plan, and the guidance for supporting the formation of new development pattern, which consistently enhanced its green financial service capacity.
Supporting COSCO Shipping Heavy Industry to secure the high-end wind power installation ship project of Denmark CADELER