On June 19, Wang Hao, chairman of China Export & Credit Insurance Corporation (Sinosure), emphasized the importance of win-win cooperation over protectionism during his speech at the 6th Summit of Leaders of Multinational Corporations in Qingdao. He highlighted the growing significance of export credit insurance in stabilizing foreign trade amid the current global landscape of accelerating change and turbulence.
Key Points
Role of Sinosure: Sinosure is a state-owned policy-based insurance company established to support China’s foreign economic and trade development and cooperation. It was officially launched on December 18, 2001, and its service network covers the entire country.
Support for Multinational Companies: In 2024, Sinosure’s annual underwriting amount exceeded one trillion US dollars for the first time, supporting a quarter of China’s exports and serving 230,000 customers of various types.
Support for Foreign-Invested Enterprises: Sinosure has cumulatively supported 37,000 foreign-invested enterprises in exporting 1.7 trillion US dollars from China and selling 1.6 trillion yuan domestically, providing “one-stop” credit risk protection for their procurement, sales, and overseas investments in China.
Promoting Global Industrial Chain and Supply Chain Cooperation: Sinosure actively practices the concept of a “community with a shared future for mankind,” supporting multinational companies in leveraging the comparative advantages of various countries and promoting mutually beneficial cooperation. An example is the Envision AESC Super Factory project in France, jointly underwritten by credit insurance institutions from China and France, which was completed and put into operation this month. The project’s equipment came from enterprises in China, Japan, South Korea, Germany, and other countries, with financing from a commercial syndicate from Spain and France.
Commitments by Sinosure
Wang Hao made three commitments on behalf of Sinosure:
Collaboration and Sharing: Expand the circle of friends in the cooperation ecosystem by leveraging global business coverage and channel connections. Strengthen strategic cooperation with governments and multinational enterprise groups, build an information sharing platform, upgrade special service levels, and help build an open and mutually beneficial ecosystem.
Hand-in-Hand Development: Fully support multinational companies in using credit insurance to enhance their international competitiveness, expand cooperation in international production capacity, financial investment, and project construction, and jointly develop third-party markets to explore new spaces for win-win development.
Innovation for Win-Win Results: Focus on new technologies, industries, and business forms to actively innovate product models. Assist multinational companies in strengthening cooperation in areas such as scientific and technological innovation, green development, and the digital economy, striving for higher-quality, more efficient, fairer, more sustainable, and safer development.
Conclusion
Wang Hao’s remarks underscore Sinosure’s commitment to promoting global economic cooperation and stability. By supporting multinational companies and fostering an open and mutually beneficial ecosystem, Sinosure aims to enhance international competitiveness and drive high-quality development. The company’s efforts to innovate and expand its cooperation network reflect its dedication to addressing the challenges of the current global economic landscape and promoting sustainable growth.
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