On May 4th, 20 1 1, the State Council approved the overall plan for the reform of CITIC Insurance and the revised draft articles of association, which further clarified the company's policy orientation and substantially supplemented the company's capital. Central Huijin Investment Co., Ltd. (hereinafter referred to as Huijin Company) invested RMB 20 billion in the capital at the end of June 2006.
201111With the approval of the Standing Committee of the Political Bureau (PSC), the leadership of CITIC Insurance was incorporated into the central management. On March 2012 17, CITIC Insurance was upgraded to a central enterprise at the vice ministerial level.
The business scope of China Xinbao includes: medium and long-term export credit insurance business; Overseas investment insurance business; Short-term export credit insurance business; Domestic credit insurance business; Credit guarantee business and reinsurance business related to export credit insurance; Export credit insurance services and information consulting services such as accounts receivable management and commercial accounts collection; Import credit insurance business; Insurance fund utilization business; Other approved businesses. China Xinbao has also introduced Xinbaotong e-commerce platform and SME insurance platform with multiple service functions to the market, so that our customers can enjoy faster and more efficient online services.
Since the establishment of the company, the supporting role of export credit insurance in China's foreign trade and economic cooperation has become increasingly apparent. Especially during the international financial crisis, export credit insurance fully played a leverage role in stabilizing external demand and promoting export transactions, helping foreign trade enterprises solve the problems of "afraid to take orders" and "unable to take orders" and played an important role in "grabbing orders to protect the market". By the end of 20 12, the scale of domestic and foreign trade and investment supported by China Xinbao was about 1 trillion US dollars, providing export credit insurance services for tens of thousands of export enterprises and providing insurance support for hundreds of medium and long-term projects, including high-tech export projects, large-scale electromechanical products and complete sets of equipment export projects, and large-scale foreign engineering contracting projects. And pay compensation of 4.34 billion US dollars to enterprises. At the same time, China Xinbao has also driven 160 banks to raise about10.5 trillion RMB for export enterprises.
China Xinbao has 15 functional departments, and its business organizations include the business department of the Head Office, 18 branches and 6 business management departments. It has formed a nationwide service network and has a representative office in London, England.
The company's business purpose is to "promote the development of foreign economic relations and trade by providing insurance services for foreign trade and foreign investment cooperation, and focus on supporting the export of goods, technologies and services, especially high-tech, high-value-added mechanical and electrical products and other capital goods, so as to promote economic growth, employment and balance of payments".