In 2017, the coverage of China's policy credit insurance further expanded, with the annual underwriting amount exceeding US$500 billion for the first time, reaching US$524.6 billion, a year-on-year increase of 11%. In 2017, China Export & Credit Insurance Corporation (hereinafter referred to as “Sinosure”) actively fulfilled its policy-oriented mandate, served the building of an open economy, and promoted the “going global” of competitive production capacity, construction capability, and technical standards. The annual underwriting amounts of all major lines—medium- and long-term export credit insurance, overseas investment insurance, and short-term export credit insurance—hit record highs. Among them, medium- and long-term export credit insurance recorded an underwriting amount of US$23.9 billion, up 7% year on year; overseas investment insurance recorded an underwriting amount of US$48.9 billion, up 15% year on year; and short-term export credit insurance recorded an underwriting amount of US$412.8 billion, up 10% year on year. Claims paid to clients during the year totaled nearly US$1.4 billion, up 8% year on year.
Actively Supporting the Belt and Road Initiative
In 2017, Sinosure focused on countries along the Belt and Road, concentrated on major areas such as infrastructure connectivity, international industrial capacity cooperation, and economic and trade industrial parks, and stepped up policy credit insurance support for the construction of the Belt and Road Initiative. At the same time, it continuously improved the dynamic risk monitoring and rating system for countries along the Belt and Road and the emergency response mechanism for major risks, effectively guarding against systemic risk.
Throughout the year, Sinosure actively supported enterprises' export, investment, and engineering contracting business in countries along the Belt and Road, with a cumulative underwriting amount of US$129.8 billion, a year-on-year increase of about 15%. Among these, it underwrote 76 major national projects, including the upgrading of Egypt's national power grid and the second phase of the Nam Ou River hydropower station in Laos, with an underwriting amount of nearly US$36 billion. Claims paid during the year on business in countries along the Belt and Road exceeded US$400 million.
Actively Supporting the Stabilization, Improvement, Transformation, and Upgrading of Foreign Trade
In 2017, Sinosure coordinated resource allocation and implemented more proactive underwriting measures. On the basis of sound risk prevention, and in line with the foreign trade policy orientation of “quality imports and quality exports” and “supporting the excellent and strengthening the strong,” it actively explored innovations in underwriting models, increased support for strategic emerging industries, proprietary brands, trade in services, and related businesses, and actively explored ways to integrate with new trade models such as cross-border e-commerce, comprehensive foreign trade service platforms, international marketing service systems, and overseas warehouses, thereby supporting the transformation and upgrading of foreign trade.
In supporting small and micro enterprises, Sinosure cumulatively supported US$57.5 billion in exports by small and micro enterprises, paid claims of more than US$100 million, served more than 60,000 small and micro enterprises, and achieved an insurance coverage rate of 25% for small and micro enterprises. In supporting trade in services, Sinosure supported more than US$26 billion in service trade exports, covering fields such as culture, intellectual property, construction, technology, and repair and maintenance. In supporting new business formats such as comprehensive foreign trade service platforms, Sinosure issued 101 policies during the year, reaching more than 10,000 export enterprises, cumulatively supporting US$6.3 billion in exports and paying more than US$20 million in claims.
As the country's only policy-oriented insurance institution, Sinosure will adhere to its policy-oriented functional positioning, intensify reform and innovation, effectively prevent and control financial risks, go all out to provide service guarantees for the construction of the Belt and Road Initiative, and make new contributions to the transformation and upgrading of the country's foreign trade and the building of a strong trading nation.
