Assist Cross-border E-commerce Buyers To Purchase The First Nationwide Cross-border E-commerce Insurance in Shenzhen
Assist cross-border e-commerce buyers to purchase the first nationwide "cross-border e-commerce insurance" in Shenzhen
The first nationwide "cross-border e-commerce insurance" has landed in Shenzhen
Recently, six institutions in the property and casualty insurance industry in Shenzhen jointly issued the first national "Cross border E-commerce Insurance" guarantee insurance, marking the official launch of the Shenzhen pilot program for innovative insurance services for cross-border e-commerce. This type of insurance can provide domestic procurement accounts payable insurance protection for cross-border e-commerce sunshine enterprises in Shenzhen, supporting cross-border e-commerce domestic procurement, unblocking the capital chain, exploring global markets, effectively serving the real economy, and supporting the high-quality development of new trade forms.
In 2024, Shenzhen's import and export amounted to 4.5 trillion yuan, of which 2.81 trillion yuan was exported, ranking first among mainland cities for 32 consecutive years. Cross border e-commerce is an important engine that connects domestic and international dual circulation. There are over 120000 trading enterprises in Shenzhen, accounting for about half of the national total. The total import and export volume has reached 372 billion yuan, accounting for 14% of the national total. It has become a new driving force for Shenzhen's exports and has made significant contributions to Shenzhen's foreign trade.
With the further play of the stabilizing role of cross-border e-commerce in foreign trade and the expansion of the development needs of enterprises themselves, the traditional cash transaction mode of cross-border e-commerce enterprises' domestic procurement has constrained the development of the cross-border e-commerce industry. At the same time, the increasing uncertainty and instability in global trade have led to increased liquidity risks in foreign trade transactions due to cash purchases. In order to effectively solve the pain points of cross-border e-commerce domestic procurement, with the guidance and support of regulatory authorities and local governments, the insurance industry in Shenzhen has developed "cross-border e-commerce insurance" insurance products and taken the lead in implementing pilot projects.
It is understood that "Cross border E-commerce Insurance" creatively adopts the guarantee of accurate insurance services for Shenzhen cross-border e-commerce enterprises, and is a "1+6+X" insurance solution tailored for domestic procurement of Shenzhen cross-border e-commerce. Among them, "1" refers to an exclusive product, with cross-border e-commerce in Shenzhen as the policyholder, relying on real trade scenarios to develop a short-term, low rate, and flexible exclusive guarantee insurance product, which underwrites the external accounts payable risks of cross-border e-commerce and provides credit support for domestic credit purchases of cross-border e-commerce.
"6" refers to a joint insurance system composed of six insurance institutions within the jurisdiction of Shenzhen, namely PICC Property&Casualty Insurance, Ping An Property&Casualty Insurance, China Life Insurance, Taiping Property&Casualty Insurance, Taiping Property&Casualty Insurance, and Dajia Property&Casualty Insurance, in accordance with market-oriented and rule of law principles, to strengthen information sharing, enhance underwriting capacity, and diversify business risks.
'X' represents the empowerment of relevant policies. The Shenzhen Municipal Government and various districts have actively introduced policies to incorporate "cross-border e-commerce insurance" into the stable foreign trade policy system, empowering insured enterprises with policies. Through strengthening supply and demand docking, data sharing, publicity and promotion mechanisms, insurance claims services are facilitated, enterprise insurance enthusiasm is improved, and policy coverage is expanded.
Experts from the China (Shenzhen) Institute of Comprehensive Development have stated that "cross-border e-commerce insurance" is an innovative measure actively explored and tested by the insurance industry in Shenzhen, which is of great significance for regulating and promoting the development of cross-border e-commerce and connecting the domestic and international dual circulation.
Credit purchase is beneficial for cross-border e-commerce enterprises to enhance their procurement capabilities and market competitiveness, unleash their development potential, strengthen their overseas market development capabilities, and provide important support for the development of foreign trade; The selection of insurance qualifications is conducive to guiding cross-border e-commerce enterprises to operate in a standardized manner, file taxes legally, and contribute to the construction of cross-border e-commerce transparency and the healthy development of the industry; Ensuring payment is beneficial for upstream enterprises in cross-border e-commerce to enhance their financing capabilities, shorten payment periods, and improve the domestic trade ecosystem.
