China has become the world’s biggest supplier, but importers working with Chinese suppliers often run up against an obstacle: The demand for payment up front.
For many buyers, this can be a problem, especially if their cash is tied up in existing orders, and when facing long shipping times.
Having to come up with cash up front can limit an importer’s ability to grow their business.
However, for importers working with Chinese suppliers, there is a solution: Sinosure.
What is Sinosure?
Sinosure is the commonly used name of the China Export & Credit Insurance Corporation, a state-owned export credit agency. Like other such agencies around the world, its job is to minimize risk to Chinese exporters by providing insurance against non-payment by customers outside China.
Generally, Chinese exporters will want payment for a purchase order in advance. The typical arrangement is a 30% down payment before production begins, with the remaining 70% paid after production is completed, but before the order is shipped.
This arrangement exists because many exporters may not be able to assess the creditworthiness of the buyer that they are doing business with. They may not have the experience or the resources to investigate a buyer in a foreign country. By ensuring they are paid in full before shipping, exporters protect themselves against the very real risk of non-payment.
But this creates problems for many importers, who may not be able to put up the cash in advance. A demand for payment up front may mean they will have to forego buying goods that they know they can sell, simply because they don’t have the money to prepay for a new order right now.
This limits the importer’s ability to meet market demand and grow their business; it limits the exporter’s potential sales; and in general, it slows trade and economic growth.
Sinosure solves this problem by providing exporters with insurance against a buyer’s non-payment, i.e., trade credit insurance. With that guarantee in place, suppliers are willing to grant deferred payment. This allows those suppliers to increase their trade turnover with foreign business partners – and does the same for importers.
Sinosure’s portfolio of products insures against credit, commercial and political risks to Chinese firms trading internationally.
It insures companies against such credit risks as insolvency and bankruptcy, commercial risk such as fraud, and also against political risk such as war, sanctions, restrictions on money transfers, and expropriation and nationalization.
Sinosure was founded in 2001 with the merger of the export credit insurance departments at the People’s Insurance Company of China and the China Export and Import Bank.
Sinosure works with small and medium sized enterprises (SMEs), as well as large corporations. In 2022, it insured more than $700 billion in export credit for 240,000 Chinese exporters.
How Sinosure works
The process begins with the importer going through Sinosure’s credit investigation, which typically takes 21 days. Once the investigation is complete, Sinosure assigns a credit limit to the importer.
Then the supplier in China opens an insurance policy with Sinosure (or they may already have one). The supplier registers their contract with the buyer with Sinosure, and gets insurance coverage for the invoice.
The buyer pays a deposit, typically 10% to 30% of the total purchase price. Once the supplier receives the deposit, they produce the goods and ship them without further payment.
The importer receives the order, and has until the end of the deferral period to pay for it. This period typically lasts 90 days, but the period can vary depending on several factors, including the length of the relationship between the import and the supplier.
At the end of the deferral period, the importer pays off the debt owed to the supplier.
How importers can use Sinosure to get trade credit
Sinosure insures Chinese exporters, not their partners abroad, but an importer working with a Chinese supplier will still have to be approved by Sinosure so that their partner inside China can have their trade contract insured.
For this to happen, the importer outside China has to pass through Sinosure’s credit investigation procedure, which, as mentioned before, typically takes 21 days. Once the investigation is complete, Sinosure will assign a credit limit – also known as a Sinosure credit rating – to the importer.
Once the importer has a credit limit, the Chinese supplier can then apply some or all of this credit limit to their contract with the importer, allowing them to offer deferred payment terms for the order.
However, there’s an important element to be aware of: Sinosure doesn’t work directly with buyers outside China. This means that importers who need a Sinosure credit rating will have to hire a company that specializes in obtaining Sinosure credit limits for importers, such as Axton Global, the market leader in this field.
How does a Sinosure credit limit work?
The credit limit is the maximum amount of insurance that Sinosure is willing to offer to exporters doing business with a particular importer.
If you, as an importer, have a Sinosure credit limit of $1 million, then you can get $1 million in trade credit from your Chinese suppliers, secured by Sinosure.
An importer's credit limit can be divided up between different orders and suppliers.
Let’s say an importer has a credit limit of $1 million. One of their suppliers can use – for example – $200,000 of that limit for their insurance policy on a particular order. This leaves $800,000 in available trade credit. Another supplier can insure their trade credit with this importer up to $800,000, or any portion thereof, to insure another order. This can continue until the $1 million limit is reached.
Your credit limit as an importer is determined by several factors. First of all, your company’s financial indicators – your revenue, profitability, assets and so on.
Secondly, your credit history – your record of payments to past suppliers, whether or not your company has defaulted on any debts, and so on.
Sinosure will also take into account whether or not you have a history of trade transactions with companies inside China.
How to get a Sinosure credit limit
To get accredited by Sinosure, you will need the services of a consultancy that specializes in credit limit applications for importers, such as Axton Global.
This company will be the intermediary between your import business and Sinosure. It will take you through the process of applying for a credit limit, which will begin with you providing your company’s financial documentation for the Sinosure credit investigation, and end with Sinosure assigning you a credit limit.
In the case of Axton Global, you will have access not only to services that will allow you to be accredited with Sinosure, but also services that can help you increase your Sinosure credit limit, negotiate deferred payment terms with Chinese suppliers using Sinosure to arrange the necessary paperwork, and transfer your credit limit from one Chinese supplier to another.
About Axton Global
Axton Global is the market leader in trade finance services for companies that import goods from China. Founded in 2008,Axton’s primary goal is to boost its customers’ business growth by enabling them to get the best possible terms from their Chinese suppliers, improving their cash flow and helping them to run their businesses more efficiently.
Axton has unparalleled access to – and experience working with – Sinosure, meaning its clients will benefit from Axton’s years of experience connecting Chinese exporters with buyers around the world.
Axton’s clients range from small business owners to large enterprises, and are located in the U.S., Canada, Europe, Brazil, Mexico, India, the UAE and Australia.
With the support of Sinosure, Axton provides importers with access to favorable credit terms with their Chinese suppliers, leading to improved cash flow, enhanced supplier relationships, reduced financial risks and increased competitiveness, paving the way for their clients' success.
You can find out more about Axton Global on its website.
JTI has announced the appointment of Stephane Berset as UK General Manager.
Stephane will head up the UK division and has taken over the position from Tom Osborne. Having been with the business for 24 years, Stephane has developed vast experience across multiple functions and continents.
He joined JTI in 2001 and has extensive knowledge of the company having worked in various JTI marketing and commercial roles worldwide in Hong Kong, Switzerland, Turkey, Austria, Greece, Italy, Czechia and the United Kingdom.
His previous role was as General Manager for JTI Czech Republic, Hungary & Slovakia, from 2021 to 2024. Before that, Stephane held the position of Marketing Vice President at JTI UK from 2017 to 2021.
I’m pleased to re-join the exceptional JTI UK team after my time in Europe," said Berset. "My priorities are to maintain JTI’s leading market share in the UK, grow our presence in Reduced Risk Products and adapt our business to any new regulation in the Tobacco and Vapes Bill. The measures contained within the Bill pose significant challenges for both JTI UK and the retail sector, and it will give the already rampant illicit trade yet another boost.
"JTI UK remains committed to working with and supporting our retail partners to ensure that together we can continue to thrive, meet the evolving needs of our UK consumers and stamp out illegal activity.
"At this time, it is more important than ever for the voice of the local retailer to be heard. We encourage retailers to continue to speak with trade bodies and contact local MPs to share their views on the challenges and negative impacts of this legislation.”
Tom Osborne has moved to a new role as Regional President North Asia at JTI and is now based in Japan.
Authorities have seized more than £30,000 worth of suspected counterfeit and unfit-for-sale vapes and cigarettes from a shop in Rotherham last week following a joint operation by South Yorkshire Police and trading standards officers.
As informed by South Yorkshire Police on Wednesday (19), the raid on Feb 13 was launched in response to intelligence from residents and local businesses, who had raised concerns about anti-social behaviour linked to the store.
The store has not been identified by the authorities.
During the inspection, officers uncovered £28,000 worth of counterfeit vapes, vape liquids, and cartridges, along with over 150 packs of illegal cigarettes valued at approximately £1,400. The operation forms part of an ongoing crackdown on the sale of illicit tobacco and vape products in the region.
Rotherham South NPT Inspector Darren Birley said, “Not only do these vapes undercut legitimate businesses, but they also pose a serious risk to people’s health. It isn’t uncommon for these counterfeit products to find their way into the hands of children.
“This is a great piece of work which continues to highlight how important our ongoing work with Rotherham Council is to ensure the safety of our local communities."
Rotherham Council’s Assistant Director of Community Safety and Street Scene, Sam Barstow said, "We are committed to keeping people safe from harm across the borough. This operation is another example of the close partnership working between Rotherham Council and South Yorkshire Police.
"Joint operations of this nature to tackle illegal tobacco and vape products have resulted in over £639,000 worth of illicit items being removed from sale.”
Earlier this month, almost 10,000 counterfeit and smuggled cigarettes and other tobacco and nicotine-based products have been seized from multiple stores in Oxfordshire.
As reported by Oxfordshire County Council, the raids, carried out on Jan 21, were part of Operation CeCe, a national initiative to tackle the sale and supply of illegal tobacco products.
Premises involved included off-licences, convenience stores, food retailers and barbers in Banbury, Kidlington and Oxford, the council stated.
The operation resulted in the seizure of 9,340 illegal cigarettes, 700g of counterfeit hand rolling tobacco, 180 unit packs of non-compliant nicotine pouches and 42 disposable electronic cigarettes, or vapes, with a capacity of nicotine containing liquid nine times the maximum allowed.
Keep ReadingShow less
bp launches first dedicated EV charging, convenience hub
Marking a major shift in its retail strategy, bp has launched its first dedicated EV charging and convenience hub at Cromwell Road on the A4 in Hammersmith, London.
As announced by bp today (20), the site has been completely transformed, with fuel removed and five ultra-fast BP Pulse 300kW chargers installed, each capable of charging two vehicles simultaneously under newly designed canopies.
Inside, a redesigned convenience store features an upgraded Wild Bean Café and an expanded M&S Food range, tailored to meet the needs of EV drivers and customers on the go.
This combined food, drink and convenience offer reflects the increase in drivers’ expectations of services they want to access while their car is charging.
The instore and outside design, with its contemporary new look, enhances the customer experience by optimising the layout with an open and inviting environment and product offerings, targeting customers who want food-for-now, states bp.
Richard Bartlett, SVP for bp pulse and mobility & convenience, Europe at bp, said, “The launch of our Cromwell Road EV convenience hub is a significant milestone in how we are evolving to meet the needs of a new generation of EV drivers in the capital and beyond.
“This new format site is not just about providing fast, reliable charging where drivers need it but also delivering an outstanding retail experience, in a strategic location connecting central London with Heathrow and the west of England.
“Whether you’re looking for EV charging, traditional fuel, or just a great place to rest and recharge, bp is ready to become first choice for customers on the roadside.”
This all-electric charging hub at bp Cromwell Road is part of the company’s broader strategy to evolve its mobility and convenience network across the UK meeting customers’ needs wherever they are on the energy transition.
More than 50 per cent of bp’s customers in the UK visit its retail sites purely to shop.
As bp delivers the next stage of its convenience retail offer, it will test, adapt and learn from live sites and customer feedback to ensure it is continuing to give customers what they want, when and where they want it.
The opening of Cromwell Road adds the fifth charging hub to bp pulse’s west London charging corridor along the A4 to Heathrow. bp pulse's existing network now includes almost 3,500 rapid and ultra-fast charge points, including at over 225 bp retail sites.
bp has been transforming food on the forecourt to meet evolving customer needs. Last year, it brought in Hannah Munns as UK convenience trading director.
With over two decades of experience with retailers such as M&S, Sainsburys, Morrisons and ASDA, Munns came with an extensive knowledge and a passion for food to bp’s UK retail business.
Nan from Del Monte: Honoring Britain’s Baking Traditions
Canned fruit brand Del Monte has crowned Pauline Crosby, a 74-year-old grandmother from Norfolk, as the first-ever “Nan from Del Monte.” This campaign revives the iconic “Man from Del Monte” concept with a fresh, modern approach aimed at celebrating and preserving Britain’s baking traditions.
Pauline, a former military policewoman, was selected following a nationwide competition and public vote to identify a figurehead who embodies the spirit of intergenerational cooking and baking. Nominated by her granddaughter, Poppie, Pauline was praised for her role in creating lasting family memories through her recipes. She is also a proud member of the Women’s Institute, a testament to her commitment to the culinary community.
The “Nan from Del Monte” campaign was born from consumer research conducted by Del Monte, revealing that:
39% of Brits view their grandmothers as key culinary influences.
41% recall their fondest baking memories with a grandparent.
74% worry about the loss of family recipes.
Pauline will serve as an ambassador for traditional baking, sharing her treasured recipes and endorsing new Del Monte creations. Her innovative trifle recipe, featuring Del Monte mandarin slices, will be highlighted on the brand’s website, providing inspiration for families to reconnect in the kitchen. Pauline will also receive a year’s supply of Del Monte products and a NutriBullet blender.
“To win the title of ‘Nan from Del Monte’ is such a privilege,” said Crosby. “I think many of us remember the ‘Man from Del Monte’ adverts, which still make me smile. Now, the ‘Nan from Del Monte’ says yes! Baking has always been at the heart of my family, and I feel so proud to know that my recipes and traditions are being celebrated in this way by such an iconic brand. It’s a joy to see the next generation enjoy the dishes I’ve passed down, and I hope this recognition inspires others to keep these precious family traditions alive.”
Thierry Montange, Marketing Director for Europe and Africa at Del Monte, added: “We are thrilled to announce Pauline as our first-ever ‘Nan from Del Monte.’ This campaign was designed to reignite the nation’s passion for traditional baking and ensure cherished family recipes are preserved for future generations. Pauline truly embodies the spirit of this initiative, and her story reminds us of the invaluable role grandparents play in shaping our culinary culture. We hope her win inspires families everywhere to revive their baking heritage and continue creating lasting memories together.”
Simon Kerry Appointed MD of Molson Coors Western Europe
Simon Kerry has been appointed Managing Director of Molson Coors Beverage Company’s Western Europe division, effective from 24 February.
Kerry takes over from Phil Whitehead, who became President and Chief Executive Officer of the international brewer’s EMEA & APAC division last month.
Kerry, who has been at Molson Coors for 13 years, was formerly Finance Director for the UK and Ireland before becoming Molson Coors’ EMEA & APAC Chief Finance Officer in 2019.
“Simon knows our local and international business very well and has been an instrumental part of our company’s performance over a number of years. He has the drive and vision required for the next stage of our journey and the continued evolution of our brand portfolio.
“A great leader and passionate ambassador for our wider beer and hospitality industry, I can think of no one better to take us forward from here.”
Simon Kerry said: “What this business has achieved over the past few years, particularly coming out of the pandemic and rebuilding in a very volatile economic environment, is a testament to the passion and commitment of our people and the strength of our brands. I feel privileged to take on this role and to have the opportunity to lead this business through its next chapter.”