Financial Support For Innovative Development Of Foreign Trade
The Central Economic Work Conference proposed to "expand high-level opening up" and "do a good job in implementing the eight actions to support high-quality joint construction of the Belt and Road Initiative." In recent years, the financial industry has taken multiple measures to fully support the innovative development of foreign trade through efficient foreign exchange settlement and sales, financing and credit enhancement, and expanding the coverage of export credit insurance.
At present, the number of foreign trade entities has increased, the business scope has become more sophisticated, and positive factors such as the rapid development of new foreign trade formats have accumulated. During the interview, the reporter learned that CITIC Bank provides efficient and convenient cross-border collection services for domestic export e-commerce companies through two models: transfer collection and direct collection, realizing the entire process of foreign exchange collection and settlement, domestic fund clearing, Online processing of international balance of payments declarations, foreign exchange settlement and sales registration, etc. The self-developed "Xinyin Zhihui" product eliminates the intermediate link between export merchants and third-party payment institutions, eliminates the "landing and collection" of overseas funds, and reduces financial risks and collection costs.
According to the person in charge of relevant departments of China CITIC Bank, China CITIC Bank has cooperated with many domestic foreign trade comprehensive service companies and conducted innovative attempts in multiple business scenarios. It currently covers a variety of customs declaration methods, supports various fund collection and payment scenarios such as overseas capital centers, overseas agency banks, and third-party payment institutions, and provides multi-currency cross-border foreign exchange collection and payment services including RMB, U.S. dollars, euros, and Hong Kong dollars. , supporting withdrawals in original currency under export items.
In addition, CITIC Bank has carried out foreign exchange and cross-border RMB business cooperation with 13 licensed institutions including Alipay and JD.com since 2013, with complete product functions and strong service capabilities. According to the electronic accounting processing requirements of payment institutions and market transaction habits, full-process online functions such as foreign exchange settlement and sales, foreign exchange collection and payment, and balance of payments declaration are provided.
As the only policy insurance company in my country, China Export and Credit Insurance Corporation, based on its policy functions, actively helps companies prevent risks, expand markets, make up for losses, and promote financing, and takes multiple measures to support the innovative development of foreign trade. Yang Minggang, general manager of Sinosure's business management department, said that Sinosure continues to optimize underwriting and claims services for small, medium and micro enterprises. In the first 11 months of 2023, support for exports by small, medium and micro enterprises amounted to US$228.7 billion, an increase of 10.3%; services supported 176,000 small, medium and micro enterprises, an increase of 16.5%. The average settlement time for small and micro business claims was about 10 days, shortened by 32%. Support and guarantees for micro-enterprises continue to increase.
In October 2023, Sinosure provided medium- and long-term export credit insurance support for a 500-megawatt photovoltaic power station project in Oman invested by a Jiangxi enterprise, helping to solve the company's investment and financing needs and the host country's new energy transformation and development needs, and achieve medium- and long-term export credit for new energy power A historic breakthrough in insurance project financing.
The industrial chain connects the domestic and international markets and is an important part of the economic cycle development. Improving the resilience and competitiveness of the industrial chain is also an important foundation for building a new development pattern. Maintaining the healthy development of all links in the industrial chain is an intrinsic requirement for smoothing the domestic and international dual cycles. Sinosure builds a new development pattern around services and ensures the security of the industrial chain and supply chain, actively explores an industrial chain service support system with Sinosure characteristics, and combines national requirements and market demand to create electronic information, home appliances and consumer electronics, complete vehicles and engineering machinery, The seven industrial chains of biomedicine, new energy, textiles and clothing, and modern agriculture will be extended to the upstream and downstream of the industrial chain and surrounding related fields in a "chain underwriting" manner to strengthen coordinated support for the integration of domestic and foreign trade and the integration of policy limits. In the first 11 months of 2023, China Sinosure has insured exports of US$332.9 billion and domestic trade of US$265.7 billion in seven industrial chains including electronic information, home appliances and consumer electronics, complete vehicles and engineering machinery, biomedicine, new energy, textiles and clothing, and modern agriculture. , accounting for nearly 50% of the company's business, effectively helping to ensure the stability and smooth flow of key industrial chains.
At the same time, Sinosure continues to increase its support for new business formats, new models and service trade, helping to cultivate new momentum for foreign trade development. In the first 11 months of 2023, the cumulative support for new cross-border e-commerce foreign trade exports was US$17.4 billion, and the support for service trade exports was US$8 billion, a year-on-year increase of 18.5%, which strongly supports the improvement and upgrading of my country's foreign trade development.