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China National Heavy Truck Group Co., Ltd. and China Export Credit Insurance Corporation (China Credit Insurance) have signed a comprehensive business cooperation agreement in Jinan. CITIC Insurance will provide CNHTC with RMB 2 billion in annual domestic trade credit insurance.
Liang Zhidong, deputy general manager of China Credit Insurance, and Ma Chunji, chairman of CNHTC, attended the signing ceremony. China National Heavy Duty Truck Vice President Wei Zhihai presided over the ceremony.
Ma Chunji and Liang Zhidong delivered speeches respectively. Liang Zhidong and Wang Guangxi, vice president of China National Heavy Duty Truck, signed the agreement.
China National Heavy Duty Truck Group and China Credit Insurance Corporation signed a comprehensive business cooperation agreement aimed at strengthening the mutual complementarity between the two sides in auto export trade, auto domestic trade, risk control and overseas business, and further promote the depth and breadth of cooperation to achieve common development.
According to the agreement, China Credit Insurance will continue to provide short-term export credit insurance to China National Heavy Duty Truck Group and further provide an annual domestic trade credit insurance of RMB 2 billion for credit sales risk insurance, and at the same time provide domestic commercial paper credit guarantees. Domestic credit procurement supports other business support.
As early as 2002, China National Heavy Duty Truck Group began its internationalization. In order to fully guard against the risk of foreign exchange collection, for a long period of time, Sinotruk used mostly prepayments or confirmed credit settlement procedures for product export. The conservative settlement method constrains the pace of Sinotrans's internationalization, and its export volume has been stagnant.
In August 2006, CNHTC signed a "Comprehensive Strategic Cooperation Agreement" with China Credit Insurance. Sino-Israeli has signed short-term export credit insurance contracts with China National Heavy Truck Group Import & Export Co., Ltd., Jinan Trucks, and CNHTC Special Purpose Vehicles Co., Ltd., and it has accumulated US$200 million in underwriting for Sinotruk’s export business. After more than a year of cooperation, the Sinotruk Group's export business has developed rapidly, effectively avoiding the risk of foreign exchange exports and making the business more robust.
China National Heavy Duty Truck Group has successfully achieved red-chip listing in Hong Kong in 2007. After the production and sales exceeded 100,000 vehicles, it also achieved rapid development in the first quarter of this year. In the first three months of this year, 32,947 heavy-duty vehicles were sold and sold, an increase of 41% year-on-year, and a sales revenue of 11.7 billion yuan was realized. In March, more than 15,000 vehicles were produced and sold, achieving the highest monthly domestic heavy-duty truck production record and achieving export earnings of more than US$130 million. The growth rate of all indicators reached more than 40%.
China Credit Insurance is China's only financial institution that undertakes policy-based credit insurance business. From 2002 to 2007, the total amount of export and investment supported by China's SINOSURE was US$112.1 billion, which provided export credit insurance services for thousands of export enterprises and provided insurance support for hundreds of medium and long-term projects.
The strategic development goals of Sinotruk are: Actively implement the internationalization strategy, technology leadership strategy, regional strategy and high-quality low-cost strategy, and gradually realize the internationalization of products, markets, capital, mechanisms and brands. On the road to internationalization and achieving the aforementioned long-term goals, China National Heavy Duty Truck will seek more extensive cooperation with China's Xinxin and achieve mutual trust and win-win results.