Artificial Intelligence
Sinotruk Signs Comprehensive Business Cooperation Agreement with China Credit Insurance
China National Heavy Truck Group Co., Ltd. (CNHTC) and China Export Credit Insurance Corporation (Sinosure) have signed a comprehensive business cooperation agreement in Jinan, marking a significant step in their ongoing partnership. Under the terms of the agreement, Sinosure will provide CNHTC with RMB 2 billion in annual domestic trade credit insurance to support its credit sales and manage financial risks effectively.
The signing ceremony was attended by key figures from both organizations, including Liang Zhidong, Deputy General Manager of Sinosure, and Ma Chunji, Chairman of CNHTC. The event was presided over by Wei Zhihai, Vice President of CNHTC. During the ceremony, Ma Chunji and Liang Zhidong delivered speeches outlining the importance of the collaboration, while Liang Zhidong and Wang Guangxi, Vice President of CNHTC, officially signed the agreement.
This new agreement aims to enhance mutual complementarity between the two companies in areas such as auto exports, domestic trade, risk management, and overseas operations. By deepening their cooperation, both parties hope to achieve sustainable growth and expand their market presence.
According to the agreement, Sinosure will continue to offer short-term export credit insurance to CNHTC and also provide an annual domestic trade credit insurance of RMB 2 billion for credit sales risk. Additionally, the company will offer guarantees for domestic commercial paper and support other procurement activities.
CNHTC has been actively pursuing international expansion since 2002. Initially, the company relied heavily on prepayments or confirmed credit arrangements to mitigate foreign exchange risks. However, these conservative methods limited the pace of its global growth and kept export volumes stagnant for years.
In August 2006, CNHTC signed a "Comprehensive Strategic Cooperation Agreement" with Sinosure. Since then, Sinosure has issued short-term export credit insurance contracts to several subsidiaries of CNHTC, including its Import & Export Company, Jinan Trucks, and Special Purpose Vehicles Co., Ltd. These efforts have resulted in over US$200 million in underwriting for CNHTC’s export business.
Following this partnership, CNHTC experienced rapid growth in its export operations, effectively managing foreign exchange risks and strengthening its market position. In 2007, the company successfully completed a red-chip listing in Hong Kong, and in the first quarter of this year, it achieved impressive results, selling 32,947 heavy-duty vehicles—up 41% year-on-year—and generating revenue of 11.7 billion yuan. In March alone, more than 15,000 units were produced and sold, setting a new monthly record for domestic heavy truck production and earning over US$130 million in exports. All performance metrics showed growth rates exceeding 40%.
As China's only institution engaged in policy-based credit insurance, Sinosure has supported over US$112.1 billion in export and investment projects from 2002 to 2007. It has provided critical insurance services to thousands of export enterprises and offered protection for hundreds of medium- to long-term projects.
Looking ahead, CNHTC aims to implement its internationalization strategy, technology leadership approach, regional development plan, and high-quality, low-cost model. The company is working toward achieving internationalization in products, markets, capital, mechanisms, and brand building. As it continues on this path, CNHTC seeks broader collaboration with Sinosure to foster mutual trust and achieve win-win outcomes.
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