General

The largest export insurance compensation in Jiangsu Province was settled in Suzhou not long ago. An auto parts foreign trade enterprise in Jiangbei New Area, Nanjing, successfully handled three foreign debts totaling 3 million euros with "multiple foreign debts sharing a foreign debt account"... The reporter found that in order to stabilize production and expand exports and promote the steady development of international trade, all regions made full use of export credit insurance, export credit and other financial tools to tie the "safety belt" for export orders.

"The accounts receivable of USD 10.31 million could not be recovered on time, which caused huge economic losses to the company, and it was very urgent at that time." Jiang Haifeng, general manager of Suzhou Jinlong Bus Overseas Sales Company, recalled at the foreign trade situation exchange meeting and compensation ceremony for key international trade export enterprises in Suzhou.

In recent years, affected by the COVID-19, the transportation and tourism industries of various countries have been impacted. Philippine dealers who have cooperated with Suzhou Golden Dragon Bus for more than 10 years have also been affected by the local epidemic. In April this year, at the Suzhou Insurance Industry Chain and Supply Chain Conference, Suzhou Jinlong Bus reported the above situation to the municipal party committee and the municipal government, and had in-depth communication with China Sinosure. At the compensation ceremony, China Sinosure Jiangsu Branch paid compensation of 52 million yuan to Jinlong United Automotive Industry (Suzhou) Co., Ltd., which is the largest export credit insurance compensation in Jiangsu Province since this year. Two small, medium and micro enterprises in Suzhou also received compensation from China Sinosure this time. Among them, due to the foreign exchange restrictions in Egypt, Suzhou Fuchang Valve Co., Ltd. failed to receive the accounts receivable of industrial valve products exported. Wang Chuanji, the general manager of the company, said that the company was compensated about 920000 yuan this time.

In a car parts international trade enterprise in Jiangbei New Area, Nanjing, the relevant person in charge said: "The 3 million euros has solved our urgent needs, and the time for enterprises to handle business and labor costs have been greatly reduced, and the use efficiency of foreign debt funds has been greatly improved."

It is understood that according to the previous model, every time an enterprise borrows a foreign debt, it needs to open a special foreign debt account, and the enterprise faces a triple dilemma of time-consuming, complicated procedures and high costs. In May this year, the Jiangsu Branch of the State Administration of Foreign Exchange issued the Notice on Strengthening Enterprise Assistance and Relief to Promote the Steady Development of Foreign Trade and Foreign Investment, a new regulation that "support non-financial enterprises to share a foreign debt account for multiple foreign debts". Citic Bank Nanjing Jiangbei New Area Branch precisely implemented the new financial policy. After strictly performing the control information and the foreign debt inflow quota query, it shared a foreign debt account for multiple foreign debts of the enterprise, which solved the complicated problem of opening an account for the enterprise. At the same time, it helped the enterprise enjoy the highest listing price on the same day for the three foreign exchange settlements, further saving the financial cost of the enterprise.

On November 25, the relevant departments of Nanjing launched the "Foreign Trade Escort Plan", which was jointly launched by Made in China and New One Stop Insurance Network, together with four insurance companies, namely, Ping An Property Insurance Jiangsu Branch, Meiya Property Insurance Jiangsu Branch, PICC and Huanong Insurance. Aiming at the pain points of foreign trade enterprises in international trade, they customized insurance products with high cost performance, wide coverage and flexible customization, Foreign trade enterprises can make an appointment at the "Foreign Trade Service Mall" of China Manufacturing Network.

Under the current foreign trade background, China's exported products have received more attention than ever before. There are more and more uncertain factors, such as trade protectionism, risk of accounts receivable, and ownership of product liability, which have virtually increased the legal risk of foreign trade orders. Guo Tingli, the chairman of New One Stop Insurance Network, said: "Foreign trade should not only enhance the sense of self-protection, pay attention to the identification of country risks and prevent the credit risks of export settlement business, but also actively use insurance means to avoid 'hitting rocks' in the process of' going global '."

According to incomplete statistics, in the third quarter of this year alone, nearly 20 supportive policies and measures included "export credit insurance". Recently, the Several Policies and Measures to Support the Stable Development of Foreign Trade issued by the Ministry of Commerce also proposed to study and optimize the underwriting conditions of medium and long-term insurance and increase support for export credit insurance in combination with relevant national practices and China's actual market demand. It is becoming the industry consensus to support SMEs' "going global" through export credit insurance.