SINOSURE issues ten measures to strengthen support and guarantee services amid pandemic

Considering some real economies being hit hard by the COVID-19 pandemic, China Export & Credit Insurance Corporation (SINOSURE) has immediately developed and issued ten special measures to guarantee both pandemic prevention and real economy development.

First, it fully supports the import of epidemic prevention and control supplies. After the outbreak of COVID-19 pandemic, a number of Chinese pharmaceutical enterprises and foreign trade enterprises immediately made use of their overseas networks to import the supplies in shortage, such as medical masks, protective clothing and medical equipment. But most foreign sellers required a big amount of prepayment. To support the national strategy of pandemic prevention and control, and relieve the worries of importers, SINOSURE urgently issued a special policy on import prepayment insurance with delegated insurance authority, relaxed conditions, streamlined process and improved efficiency. As of February 7, SINOSURE issued 49 insurance policies for prepayment of import supplies with a total amount of over USD 10 million. The policy assisted the pharmaceutical importers in 21 provinces and municipalities like Tianjin, Jiangsu, Zhejiang and Guangdong in timely purchasing the pandemic prevention supplies, and a majority of the supplies are on the way or have arrived in China.

Second, it establishes quick response mechanism for the business demand of clients affected by the pandemic. SINOSURE proactively asks for the clients' demand, and accordingly makes arrangement in advance. It sends the Notification of SINOSURE on Pandemic Prevention and Control to the insured to publicize the business process, online and offline liaison information and special service measures, improves the underwriting efficiency to properly mitigate the risk of order cancellation, and closely follows the execution of the hand-held and insured projects to study and develop emergency plans together with enterprises and banks so as to guarantee their overseas interests.

Third, it gives more support to the exporters affected by the pandemic. SINOSURE works with the People's Bank of China, the National Development and Reform Commission and the Ministry of Industry and Information Technology to confirm major enterprises as well as small and micro businesses with important life supplies under list management, and properly reduces their insurance premium rates and credit survey charges. The export enterprises those fail to pay the insurance premiums timely due to the pandemic are properly treated in light of the actual situation when determining loss and compensation.

Fourth, it enhances the service support to small and micro businesses. SINOSURE establishes the compensation service mechanism for small and micro businesses with simplified loss reporting and claim procedures to guarantee their stability of capital chain; it proactively contacts local governments and commerce authorities to mitigate risks and provides services to the small and micro businesses affected by the pandemic; through partnership with financial peers, SINOSURE promotes the online insurance policy financing products exclusively for small and micro businesses, like Credit Insurance Loan, and supports the financing facilitation for them.

Fifth, it launches an express claim service channel. Priority has been given to the claims of the export enterprises affected by the pandemic with simplified procedures and properly eased claim conditions in good faith. On February 3, within 24 hours after learning that a small and micro enterprise in Shanghai suffered the delay of payment of overseas buyers, SINOSURE paid the enterprise USD 35,000 in compensation to help alleviate its pressure of capital flow, support its work resumption and its supply of fresh goods to the Yangtze Delta and guarantee the livelihood of local residents during the pandemic.

Sixth, it strengthens the credit service related to pandemic prevention and control. SINOSURE sets up an express channel for pandemic-related credit service for prioritized and urgent handling of relevant issues; it conducts a special survey on the list of overseas vendors of medical supplies and provides governments at all levels with the information of more than 5,600 Chinese manufacturers/suppliers and 5,800 suppliers in 39 countries and regions; it carries out deeper research on the domestic sectors affected by the pandemic and releases a number of Special Reports on Industries under the Pandemic.

Seventh, it provides stronger IT support. SINOSURE adds the function of online customer service at the official account of WeChat during the pandemic, and improves the efficiency of 400 customer service hotline. The Credit Insurance Communication system and its mobile version, EDI service and WeChat account for small business are available in 7*24 hours to meet the clients' needs; other express services like account opening and digital certificate handling are also available.

Eighth, it provides capital support through diversified financial instruments. SINOSURE actively takes part in the debt investment by local governments to support the economic development of the areas seriously affected by the pandemic; by means of bond, stock, equity and debt, it effectively meets the financing demand of affected enterprises, and gives special attention and support to the financing needs of the sectors seriously affected by the pandemic; it also explores innovative modes to support the financing needs of private exporters.

Ninth, it provides professional risk management service to exporters. As the WTO's declaration of COVID-19 pandemic constituting a public health emergency of international concern, SINOSURE makes more efforts on collecting the policies and regulations of foreign governments on import trade and project implementation, and periodically releases information and advice to inform clients of relevant risks. Meanwhile, it studies the legal risks and compiles legal guidelines for clients. It also guides enterprises checking the handheld orders, considering risks of fulfillment and keeping necessary evidence to protect the rights and interests of claim and recourse.

Tenth, it establishes special case-by-case mechanism for business operation monitoring and policy coordination. SINOSURE enhances the monitoring and analysis of pandemic-related business, quickly responds to and efficiently handles the business demand in the seriously affected areas like Hubei Province, and timely works out solutions after general planning and coordination.

In addition, to fully understand the impact of the pandemic on enterprise production and operation, SINOSURE is entrusted by the Ministry of Commerce to distribute a Questionnaire on Operation of Export Enterprises during COVID-19 Pandemic on the WeChat official account, covering four major aspects of export orders, operation and production, overseas project and needed support. The access to questionnaire will be closed on February 12. Then SINOSURE will evaluate the results and give decision-making support to the relevant authorities.