Hangzhou Issues Its First Export Credit Insurance Policy for Used Cars

Recently, China Export & Credit Insurance Corporation (Sinosure) Zhejiang Branch successfully issued Hangzhou’s first export credit insurance policy for usde cars to Hangzhou Huge International Trading Co.,Ltd . Since Huge International obtained its used car export qualification at the end of March, it took just over ten days for the policy to be approved and take effect. This milestone marks a significant advancement in risk management for Hangzhou’s used car export sector.

Since February this year, the Ministry of Commerce and four other government departments have successively released the Announcement on Matters Related to Used Car Exports and the Notice on Further Enhancing Used Car Export, officially opening up the used car export business nationwide. While this sector represents a new growth driver for Hangzhou’s foreign trade, it also faces challenges such as downstream demand being highly susceptible to macroeconomic fluctuations, high pre-financing pressure on enterprises, long payment cycles, and weak risk tolerance in the early stages of business.

As a powerful policy-driven financial tool, China Export Credit Insurance provides comprehensive risk protection, including risk assessment, early warning, and management services for export businesses. Particularly when expanding into emerging and high-risk markets, it enhances enterprises’ financing capabilities, allowing them to secure loans by leveraging insured policies, thereby easing cash flow pressures.

To facilitate the smooth implementation of used car export business, Sinosure Zhejiang Branch actively participated in a specialized training session on used car exports organized by the Hangzhou Municipal Bureau of Commerce. This session provided a one-stop service for explaining credit insurance policies and training enterprises across the city, effectively strengthening their risk management capabilities in export operations. Additionally, through close collaboration with various levels of commerce departments, Sinosure Zhejiang Branch significantly shortened the time required for businesses to transition from policy understanding to practical application.