Jiangsu's Policy Export Credit Insurance Becomes an Important Pusher for Foreign Trade Growth

As of October 26, China Export Credit Insurance Jiangsu Branch (hereinafter referred to as Jiangsu Xinbao) short-term export credit insurance this year cumulatively supported the export scale exceeded US$20 billion, and the overall scale of its insurance policy trade ** exceeded 20 billion yuan***. It is reported that this is the first province in the country that has exceeded US$20 billion in short-term export credit insurance.

According to Pan Suigen, deputy general manager of Jiangsu Xinbao, since 2010, the company has actively responded to the state's "implementation and improvement of export credit insurance and other policies and measures" and has endeavored to support new energy, ships, rail transit, modern equipment, textiles and apparel, etc. Emerging industries are mainly performed in several ways:

Jiangsu Xinbao vigorously supports enterprises in exploring emerging markets and covers 188 countries and regions in the world. From January to October this year, through short-term export credit insurance, Jiangsu enterprises have supported US$8.56 billion in exports to emerging markets such as South America, the Middle East, and Russia. The year-on-year increase was 126.5%, which supported the US$1.02 billion in long-term L/C transactions to developed countries, which represented a year-on-year growth of 168.4%; directly boosted the province’s total exports by US$20.18 billion, an increase of 121.5% year-on-year.

Jiangsu Xinbao promotes bold undertaking of overseas contracted projects, overseas investment, and export of large-scale complete sets of equipment. Jiangsu Xinbao has covered 4 large-scale complete sets of equipment export projects, with a total amount of USD 290 million, and exports cover 7 countries.

Promoting the optimization of export structure and transforming the development mode of services for foreign trade Since 2010, Jiangsu Xinbao has focused on promoting the transformation of foreign trade methods and promoting the strategic restructuring of export structures, establishing key support industries such as new energy, ships, rail transit, high and new technology, and agricultural products, and adjusting exports. product structure. From January to October of this year, Jiangsu Xinbao Short-term Insurance Co., Ltd. supported US$11.36 billion in exports of mechanical and electrical products, an increase of 111.8% year-on-year; supported exports of ships by US$2.38 billion, a year-on-year increase of 202.8%; supported export of high-tech products by US$6.71 billion; and supported exports of textile and apparel products. 8 billion U.S. dollars; supporting exports of agricultural products worth 220 million U.S. dollars.

We will vigorously support the development of new energy industries and promote the advantages of branded, technologically advanced and powerful photovoltaic companies to “go global” and expand into the international market. For example, in terms of supporting automobile exports, the amount of underwriting reached 420 million U.S. dollars, an increase of 176.4% year-on-year. Suzhou Jinlong United Motors is the second largest passenger car manufacturer in the country with annual sales of more than 5 billion yuan. It is such a large company that has encountered difficulties in opening up overseas emerging markets. Jiangsu Xinbao took the initiative to come to understand the needs of the company's development and provided Jinlong with credit evaluation, medium-term insurance policies**, full risk control, and late-stage loss compensation services. With the escort of credit insurance, Golden Dragon has successively opened up new markets in Africa, the Middle East and other countries. In the first 10 months of this year, Jinlong realized exports of 120 million U.S. dollars, an increase of 45.2% year-on-year.

The company also actively promoted the export of agricultural products. With the support of export credit insurance, Haiqi Group's pet food has emerged from the crisis and surpassed the market growth and created its own brand “Panfang”. In the first 10 months, only pet food products were exported. It reached US$110 million, a year-on-year increase of 25%, exceeding the export level of 103 million US dollars last year.

Innovative service model, and strive to meet the individual needs of export companies Jiangsu Xinbao took the lead in the province's business system, the Federation of Industry and Commerce, the CCPIT, the Import and Export Chamber of Commerce website launched a SME online insurance platform. SMEs can apply for insurance online without leaving their homes. At present, the number of SMEs in the province has reached 781, accounting for 42.7% of Jiangsu Xinbao customers. Based on the “Credit Insurance E Plan” and the “Summary of Short-Term Export Credit Insurance SME Comprehensive Insurance 2.0”, Jiangsu Xinbao has also developed a “Simplified Underwriting Model for SMEs” featuring “basic protection, simple underwriting, and standard maintenance” as the main features. "To better fit the practical needs of SMEs.

Strengthen claims processing services and timely compensate customers for export losses From January to October of this year, Jiangsu Xinbao has handled 584 cases of various types of compensation, involving US$159 million in export losses. Among them, $41.14 million has been recovered, 158 have been resolved, and $268.727 million have been paid in a timely manner to exporting companies; 270 damaged and outstanding claims are under processing, involving export losses of $112 million. In February of this year, a private company faced huge losses due to the sudden bankruptcy of a major Japanese buyer. Jiangsu Xinbao quickly paid 1.27 million US dollars, effectively helping companies avoid the risk of foreign exchange collection. At the beginning of this year, a company in Jiangsu province exported its US$5.623 million worth of goods to Jiangsu Xinbao for the first time. Buyers were in arrears. After Jiangsu Express Insurance Co., Ltd. paid quickly, it recovered $3,300,000 in installments and in stages to avoid operating losses of the company.

Helping Jiangsu Brand and Manufacturing in Jiangsu Enter the Overseas Market Since 2010, Jiangsu Xinbao has built a manufacturing base in Jiangsu for cooperation. It focuses on the individual needs of different companies and utilizes a variety of product service portfolios, focusing on supporting independent intellectual property rights and autonomy. The brand's corporate exports will improve the good image and international influence of “Jiangsu Manufacturing” and “Jiangsu Brand”. A group of leading enterprises such as Jiangsu Jinlong, Xugong, and Jincheng, under the support of credit insurance, have increased their international competitiveness, consolidating their position in the traditional market and opening up new markets.