年度报告 ANNUAL REPORT 2018

2018 年度报告 ANNUAL REPORT 2018 Postal Code：100033 Postal 66582288 ：(010) Tel 66516758 Fax：(010) Website：www.sinosure.com.cn 电话：(010) 66582288 传真：(010) 66516758 网址：www.sinosure.com.cn 地址：北京市西城区丰汇园11号丰汇时代大厦 Add：Fortune China Times Building, 11 Fenghuiyuan, Xicheng District, Beijing, 邮编：100033 ANNUAL REPORT 2018

2018中国出口信用保险公司 年度报告 CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 Contents 目 录 About SINOSURE 2 关于中国信保 Chairman’s Message 6 董事长致辞 President’s Message 10 总经理致辞 Board of Directors 13 董事会 Board of Supervisors 15 监事会 Management 17 管理层 Organizational Chart 18 组织架构 Performance Review 20 业绩回顾 Risk Management 42 风险管理 International Cooperation and Exchange 46 国际合作与交流 Client Service 54 客户服务 Human Resources 55 人力资源 IT Development 55 信息化建设 Social Responsibility 56 扶贫工作 Financial Report 58 财务报告 Auditor’s Report 65 审计报告 Annals 69 大事记 Service Network 74 服务网络 2 2018 中国出口信用保险公司 年度报告

About关于中国信保 SINOSURE

Functions职责使命 and Missions

中国出口信用保险公司（简称中国信保）是由国家出资设立、支持中国对外经济贸易发展与 2001 12 18 合作、具有独立法人地位的国有政策性保险公司，于 年 月 日正式揭牌运营，服务 网络覆盖全国。

• 以“履行政策性职能，服务开放型经济”为己任，积极扩大出口信用保险覆盖面，为中 国货物、技术、服务出口，以及海外工程承包、海外投资项目提供全方位风险保障。

• 坚决贯彻落实国家决策部署，在服务共建“一带一路”、培育国际经济合作和竞争新优 势、推动经济结构优化等方面具有不可替代的作用。

• 在信用风险管理领域深耕细作，提供专业权威信息。设有专门的国别风险研究中心和资 信评估中心。资信调查业务覆盖全球所有国别、地区及主要行业。 China Export & Credit Insurance Corporation (hereinafter referred to as SINOSURE) is a state- owned policy insurance company funded and established by the state to support China’s foreign economic and trade development and cooperation and has the status of an independent legal person. It was officially opened on December 18, 2001, with its service network across the nation.

• With a mission of “fulfilling the policy functions and serving the open economy”, SINOSURE actively expands the coverage of export credit insurance by providing comprehensive risk protection for export of Chinese goods, technologies and services, as well as overseas contracting and investment projects.

• SINOSURE resolutely implements national decisions and major plans and plays an irreplaceable role in serving the Belt and Road Initiative (hereinafter referred to as “BRI”), cultivating new advantages in international economic cooperation and competition, and promoting the optimization of economic structure, etc.

• SINOSURE explores in-depth the area of credit risk management to provide professional authoritative information, and has set up Research Center of Country Risk and SinoRating Center. Its credit investigation business covers all countries, regions and major industries around the world. CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 3

Performance业绩摘要 Summary

2018 年

The各项业务实现承保金额 total amount insured of all products reached USD611.99 billion Representing同比增长 a year-on-year 6119.9 (similar hereinafter) increase of 亿美元 16.7%

中长期出口信用保险、海外投资保险、短期出口信用保险 The承保金额为 amount insured of medium and long-term export credit insurance, overseas investment insurance and short-term export credit insurance Representing同比增长 an increase of was USD562.85 billion 15.9% 5628.5 亿美元

Claims全年向企业和银行支付赔款 paid to enterprises and banks for the year totaled USD1.92 billion Representing同比增长 an increase of

19.2 亿美元 40.6%

Bank支持企业获得银行融资 financing obtained by enterprises with the support of SINOSURE was RMB326.91 billion Representing同比增长 an increase of

3269.1 亿元人民币 1.8% 4 2018 中国出口信用保险公司 年度报告

About关于中国信保 SINOSURE

Principal主要产品及服务 Products and Services

Financing支持融资 Facilitation

Loss补偿损失 Compensation

Market开拓市场 Development

中国信保通过赔款转让、应收账款转让或 为金融机构、出口企业或融资租赁公 融资银行直接投保信用保险三种模式，为 司收回融资协议、商务合同或租赁协 企业提供保险项下融资服务。 保单融资 议项下应收款项提供风险保障。承保 2-15 业务的保险期限一般为 年。 为国内外用户提供资信调查、信用评级、 行业风险分析、国别信息、信用管理咨询 信息服务 08 01 与培训等服务。

中长期出口 服务 信用保险 / 为投资者及金融机构因投资所在 融资担保 非融资担保 07 02 国发生的征收、汇兑限制、战争 及政治暴乱、违约等政治风险造 为中国信保保险客户的大型资本性货物出 海外投 担保 成的经济损失提供风险保障。承 口、海外工程承包、海外投资并购等“走 资保险 20 保业务的保险期限不超过 年。 出去”项目、大宗商品出口等业务提供内 保外贷为主的融资担保及履约保函、预付 款保函为主的非融资担保支持，配套中国 信保的出口信用保险产品，为企业提供风 进口预付 短期出口 险保障及信用增级的“一站式”服务。 款保险 信用保险 为以信用证、非信用证方式从中 06 03 国出口的货物或服务提供应收账 款收汇风险保障。承保业务的信 国内贸易 短期出 用期限一般为一年以内。 为有进口经营权的企业提供在进口贸易中 信用保险 口特险 因供应商所在国政治风险或供应商商业风 险导致的预付款无法收回的风险保障。 05 04

为在中国境内注册的企业保障在国内贸易中，因买方商业风险 为出口企业提供在出口合同和工程承包合同项下，由于买方未 造成的应收货款损失，或因供应商商业风险造成的不能收回预 履行或无法履行合同项下的付款义务而遭受的成本投入损失或 付款的损失。承保业务的信用期限一般为一年以内。 应收账款损失的风险保障。承保业务的信用期限为两年以内。 CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 5

Credit提升信用 Enhancement

优化报表 Optimization of Statements Risk管理风险 Management

SINOSURE provides insurance-based financing services through indemnity transfer, A/C transfer Covers risks in relation to the collection of or the credit insurance directly purchased by the deferred payment by exporters, the account financing bank. Financing receivable by financial leasing companies and Facilitation the recovery of loan principal and interest by financial institutions. The tenor is normally 2 to 15 years. Provide credit reporting, credit rating, industry risk analysis, country information, credit management Information consulting and training services for domestic and services foreign users. 08 01

Medium and Services Long-term Export Credit Insurance Protects investors and financial institutions Financial Guarantee/Non-financial Guarantee from economic losses resulting from political risks such as expropriation, inconvertibility and exchange restrictions, war and political 07 Overseas 02 Provides corporate clients with risk-guarding and Bonds & violence and breach of contract in the host credit-enhancing “one-stop” services through financial Investment Guarantee country. The maximum tenor is 20 years. guarantees (mainly in the form of overseas financing Insurance against domestic guarantee) and non-financial guarantees (mainly in the form of performance guarantee and advance payment guarantee) for the export of large-sized capital goods, overseas contracted projects, overseas investment/M&A, other Short-term “Going Global” projects and commodity exports of Import Advance Export Credit SINOSURE’s clients, supplemented by the export credit Payment Covers the risks of payment collection in Insurance insurance products of SINOSURE. Insurance relation to accounts receivable (A/R) by 06 03 Chinese exporters under L/C or non-L/ C. The covered credit period is generally Domestic Short-term within one year. Trade Credit Project Protects importers from non-recovery of advance Insurance Insurance payment resulting from political risks in the country of the supplier or from commercial risks of the supplier. 05 04

Protects companies registered in China from the loss of A/R resulting from Protects exporters from the loss of costs or A/R due to the buyer’s failure or commercial risks on the buyer side or the loss of advance payment resulting from inability to fulfill its payment obligations under the export contract or project commercial risks on the supplier side in domestic trade.The covered credit period is contract. The covered credit period is generally within two years. generally within one year. 6 2018 中国出口信用保险公司 年度报告

Chairman’s董事长致辞 Message

过去的一年，我们强化担当，有效服务开放型经济 过去的一年，我们聚焦聚力，推动共建“一带一路”走 发展。充分发挥出口信用保险的逆周期调节作用， 深走实。全面落实首届“一带一路”国际合作高峰论坛 妥善应对国际经贸摩擦，稳定出口企业信心，在承 成果，积极参与政策沟通，支持国际产能合作，拓展 保政策、市场服务、风险管理等方面推出一揽子政 第三方市场合作，与外国政府部门、企业和金融机构 25 策措施，引导企业优化海外市场布局，促进外贸稳 等签署合作协议 项 ；积极搭建融资保险平台，有力 中向好 ；服务优进优出战略，加大对自主品牌、战 推动了我国与“一带一路”沿线国家的设施联通、贸易 略性新兴产业的承保力度，积极支持跨境电商、外 畅通和资金融通 ；全年承保我国对沿线国家的出口和 1500 15.8% 贸综合服务平台、服务贸易等新业态新模式，为 投资超过 亿美元，增长 ，承保了缅甸仰光 94 外贸高质量发展提供了有力支撑，为我国出口再创 国际机场扩建等重大项目 个，在支持我国企业“走 历史最好水平、贸易结构进一步优化发挥了积极作 出去”的同时，也带动了相关共建国经济社会发展，为 用 ；切实支持实体经济发展，有效扩大对民营企 “一带一路”国际合作和世界经济增长注入了新动力。 业、小微企业的承保规模和保单融资规模，彰显了 政策性金融机构的责任担当。 过去的一年，我们夯实基础，推动改革发展再上台 阶。不断完善经营管理机制，加强资源配置和绩效激 CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 7

2018 年，中国信保认真贯彻落实国家决策部署，担当作为，开拓进 取，有效防范化解风险，大力支持稳增长、促改革、调结构、惠民 生、防风险工作，积极服务共建“一带一路”，支持实体经济发展。 充分发挥政策性作用，进一步扩大出口信用保险覆盖面，年度承保金 6000 10 额突破 亿美元，创历史新高，服务支持客户超过 万家，赔款超 19 3200 过 亿美元，支持企业获得融资超过 亿元人民币。

励，进一步提升了运营效率 ；不断优化业务结构，拓 从国别、行业、企业多个维度，加强对风险的跟踪、 展核心产品功能，进一步增强了各项产品及服务的协 分析、研判和预警，为稳金融作贡献 ；发布权威研究 同效应和联动效应 ；不断加强机构建设，推进组织架 成果，提供深度咨询，为国家防范化解风险提供智库 构调整，进一步增强了营业机构和境外机构的服务辐 服务 ；在落实国家政策、帮助企业防范风险的同时， 射能力 ；积极推进信息化建设，探索应用大数据、人 全面加强自身风险管理，持续提升公司业务质量。 工智能等新技术，进一步促进了公司整体运营水平提 2019 升 ；不断改进客户服务，建立服务时效标准，开展保 风雨多经志弥坚，关山初度路犹长。 年，国际形 后、理赔、追偿能力建设，进一步提高了客户满意度。 势依旧严峻复杂，中国信保将以习近平新时代中国特 色社会主义思想为指导，贯彻新发展理念，坚持改革 过去的一年，我们多措并举，有效防范化解风险。坚 创新，以更加强烈的责任感和使命感，切实履行政策 决落实国家重要决策部署，积极履行防范风险主体责 性职能，更好服务新一轮高水平对外开放。 任，将“偿二代”监管要求深度融入公司经营管理各个 环节，加强对战略风险、市场风险、操作风险、流动 性风险等各类风险的管控 ；发挥风险管理专业优势， 8 2018 中国出口信用保险公司 年度报告

Chairman’s董事长致辞 Message

In 2018, SINOSURE committed itself to implement and actively supported new business models such as the national decisions and major plans. Forging ahead cross-border e-commerce, foreign trade integrated in full responsibilities, we effectively prevented and service platforms and service trading. We offered strong mitigated risks, strongly supported the efforts to stabilize support for high quality development of foreign trade, employment, facilitate reforms, adjust structure, benefit playing an active role in contributing to another record people’s livelihood and prevent risks, and actively served high in China’s export and further optimizing the trade the BRI and development of the real economy. The structure. We effectively supported the development policy function was brought into full play, which further of the real economy by increasing the insured amount expanded the coverage of export credit insurance. The and policy financing amount for private enterprises and sum insured for the year exceeded the USD600 billion small and micro enterprises. All these demonstrated our threshold, setting an all-time high record. We served over responsibility as a policy financial institution. 100000 clients, paid claims exceeding USD1.9 billion and supported enterprises to obtain financing exceeding In the past year, we focused our efforts to further promote RMB320 billion. the BRI. To fully implement the outcomes of the first Belt and Road Forum for International Cooperation, we actively In the past year, we strengthened our commitment participated in policy coordination, supported international to effectively serving the development of an open capacity cooperation, developed cooperation on third- economy. We gave full play to the countercyclical party markets and signed 25 cooperation agreements adjustment function of the export credit insurance, with foreign governmental departments, enterprises properly responded to international economic and trade and financial institutions. We actively built financing frictions, stabilized the confidence of export enterprises insurance platforms to effectively promote facilities by launching a basket of policy measures in relation connectivity, unimpeded trade and capital flows between to underwriting policies, market services and risk China and the BRI countries. During the year, the insured management and guiding them to optimize the overseas amount of China’s exports to and investments in the market layout, facilitating foreign trade to maintain steady BRI countries exceeded USD150 billion, representing an and positive growth. We implemented the strategy of increase of 15.8%. It included 94 major projects such as optimizing import and export, enhanced supports for the expansion of Yangon International Airport, Myanmar, independent brands and strategic emerging industries, which apart from supporting enterprises of China to “go CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 9

global”, drove the economic and social development of the fulfilled the responsibility of risk prevention. We deeply relevant countries, thus injecting new momentum to the integrated the regulatory requirements of C-ROSS into BRI international cooperation and world economic growth. all aspects of the Company’s operation and management and stepped up control on different kinds of risks including In the past year, we consolidated our foundation and strategic risk, market risk, operational risk, liquidity risk. We brought reform and development to a new level. We capitalized on the professional strengths in risk management continued to improve our operational management by strengthening risk tracking, analysis, judgment and mechanism and increase resource allocation and warning in multiple aspects such as country, industry and performance-based incentives, which further enhanced enterprise, as part of our efforts to stabilize finance. We our operation efficiency. We endeavored to optimize published authoritative research results and provided deep business structure and develop core product functions, consultation, offering think tank service on risk prevention thus further strengthening the synergies and linkage of and mitigation for the country. We strengthened risk various products and services. We continued to reinforce management comprehensively and continued to improve institution development and push ahead the adjustment business quality while implementing the national policy and of organizational structure, further expanding the assisting enterprises to prevent risks. service coverage of business institutions and overseas establishments. We actively promoted IT development The storms and hardships make us stronger. All things and explored the application of new technologies such are difficult before they are easy. Looking into 2019, as big data and artificial intelligence, which further raised the global landscape remains severe and complicated. the level of the Company’s overall operation. We strove to Guided by Xi Jinping’s thought on socialism with Chinese improve the client service, established the standards for characteristics for a new era, SINOSURE will implement time-sensitive service and built post-underwriting, claims new development concepts, firmly commit itself to reform and recovery abilities, which further raised the client and innovation and effectively fulfill its policy functions satisfaction. in a stronger sense of responsibility and mission, with a view to providing better service in a new round of In the past year, we took a number of measures to prevent opening-up. and mitigate risks effectively. We resolutely implemented the important national decisions and major plans, and actively Song Shuguang

Chairman’s Message 10 2018 中国出口信用保险公司 年度报告

President’s总经理致辞 Message

2018 年，全球经济增速放缓，各类风险高发多 发。面对复杂局面，中国信保坚持稳中求进工作 总基调，主动担当作为，积极扩大出口信用保险 覆盖面，有效应对风险挑战。公司支持企业深度 参与共建“一带一路”、妥善应对国际经贸摩擦、 拓展融资渠道、培育发展新动能，有效履行了政 策性职能。

2018 年，我们坚持以国家政策为依据，履职尽 责，把稳定外贸增长、加大金融支持实体经济力度 等政策措施落到实处。积极承保，出台承保理赔、 市场服务、风险管控等一揽子措施，支持企业在稳 固传统市场的同时，开辟多元化市场。聚焦新一轮 高水平对外开放，以支持基础设施互联互通和国际 产能合作为重点，为共建“一带一路”项目落地提 供了有力的风险保障和融资支持。聚焦实体经济和 民营企业发展，以培育重点行业发展新动能、支持 10 小微企业发展壮大为重点，为全国 万余家企业 CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 11

2018 提供了信用保险及相关服务。政策性出口信用保险拓市 年，我们坚定树立风险底线思维，全面提升风险 场、促融资、防风险、补损失的功能充分发挥，为实现 防控化解能力，把贯彻落实国家关于加强金融风险防控 稳增长、防风险、保就业等多重政策目标贡献了力量。 的有关部署落到实处。加强顶层设计，进一步完善全面 风险管理体系和内控制度，规范问责机制，做好业务风 2018 年，我们坚持以市场为导向，积极响应客户需 险排查。重视加强同企业、银行的对接合作，持续提升 求，把提升出口信用保险服务质效落到实处。推动产 资信评估、风险研究专业能力，在承保阶段强化国别、 品创新、服务创新、业务模式创新，优化操作流程， 行业、业务风险识别和管控，在保后阶段强化风险管 不断完善客户服务支持体系。积极融入国际贸易“单 理、应对及减损。密切跟踪和积极应对业务风险，在丰 + 一窗口”建设；探索创新“互联网 信保”模式，研发 富各类风险承担方式、预先处置和化解风险等方面积累 形成线上投保、线上签署保单、线上资信调查等新型 了宝贵经验。风险评估、准备金计提等方面的管理得到 服务 ；上线小微业务操作平台，实现对小微出口企业 强化。 的“一站式”服务；创新丰富银保合作模式，积极开展 2019 “政银保”等合作 ；加大对境外合作区建设、项目融资 年，站在新的起点，面对新的征程，我们将不忘 等领域的支持力度 ；继续探索与发达国家大型跨国企 初心，牢记使命，勇于担当，砥砺前行。中国信保愿 业、金融机构共同开发第三方市场，取得积极进展。 与广大合作伙伴携手并进，为推动我国开放型经济高 多策并举，拓展了出口信用保险服务的深度和广度， 质量发展作出新的更大贡献。 客户体验进一步提升。 12 2018 中国出口信用保险公司 年度报告

President’s总经理致辞 Message

In 2018, the world economic growth slowed down amid such as online insurance, policy with online signature and various types of high risks. Facing such complexities, online credit investigation. Online operational platforms SINOSURE adhered to the general tone of steady were launched to provide “one-stop” services for small and progress with positive growth while proactively taking micro export enterprises. We stepped up efforts in areas up responsibility by actively expanding the coverage of such as construction in overseas cooperation region and export credit insurance and effectively responding to risks project financing, along with continuous exploration into joint and challenges. The Company assisted clients to deeply development of third-party markets with sizable multinational participate in the BRI, properly responded to international corporations and financial institutions of developed countries. economy and trade frictions, explored financing channels, The mixed approach deepened and widened our export and fostered new momentum for development, which credit insurance services such that client experience was effectively fulfilled its policy functions. further improved.

In 2018, we adhered to the national policy and fulfilled In 2018, we firmly established the mentality of bottom responsibilities diligently by implementing policy measures line of risk and improved our overall ability to prevent including stabilizing the growth of foreign trade and and mitigate risks, effectively implementing the national strengthening financial support for the real economy. We decisions in relation to the strengthening of financial risk adopted active underwriting policies and launched a basket prevention and control. By reinforcing the top design, the of measures concerning underwriting claims, market overall risk management system and internal control system services and risk control, which supported enterprises to were further optimized, the accountability mechanism was open up diversified markets while stabilizing traditional standardized, and business risk inspection was properly markets. Focusing on a new round of opening-up, we carried out. We attached importance to strengthening stressed on supporting infrastructure connectivity and the linkage and cooperation with enterprises and banks, international capacity cooperation, providing strong risk continuously improving the professional ability to conduct protection and financing support for the implementation of credit assessment and risk research. During the underwriting the BRI projects. Centering on real economy and private phase, we enhanced the identification and control on risks enterprise development, we stressed on fostering key with respect to country, industry and business. During industries to develop new momentum for development and the post-insurance phase, we built up risk management, supporting small and micro enterprises (SMEs) to grow by responses and mitigation. Through close tracking of and providing over 100000 enterprises countrywide with credit active responses to business risks, we accumulated valuable insurance and related services. The functions of policy-based experience in aspects including diversification in the modes export credit insurance to explore market, facilitate financing, of risk-taking, advanced handling and risk mitigation. The prevent risks and compensate losses were brought into management of risk assessment and reserves determination full play and contributed to the national policy objectives to was lifted. stabilize growth, prevent risks and secure employment. In 2019, while embarking on a new journey, we will bear in In 2018, we observed the market-oriented principle by mind our objectives and firmly uphold our mission to march actively responding to clients’ needs and effectively boldly forward. SINOSURE will join hands with our partners enhancing the quality of export credit insurance services. and together make new contribution to the high quality Through product innovation, service innovation, business development of China’s open economy. model innovation and operational procedure optimization, we kept on improving our client service supporting system. Progresses were made in active integration into the development of international trade “single window” and exploration into the innovative “Internet + credit insurance” model by research and development on new services Wang Tingke CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 13

Board董事会 of Directors

董事会的组成 13 3 4 6 2018 12 31 12 董事会由 名董事组成，其中执行董事 名，部委董事 名，股权董事 名。截至 年 月 日，公司实有董事 名。

姓名 现任职务 1 宋曙光 董事长、执行董事 2 王廷科 副董事长、执行董事

郭新双 董事会秘书、执行董事

徐晓波

胡学好 部委董事 袁晓明

陶 玲（拟任）

熊莲花

王晓华

王 波 股权董事

张 勇

狄 愷

1 2019 1 2019 3 注： 原董事长王毅于 年 月退休。 年 月，宋曙光经公司董事会选举，任董事长。 2 2018 7 年 月，董事会选举王廷科担任公司副董事长，增补为战略与投资委员会以及提名薪酬委员会委员。

董事会下设五个专业委员会，分别为战略与投资委员会、提名薪酬委员会、风险管理委员会、审计委员会、资产负 债管理委员会，各专业委员会主席和委员均由董事担任。

董事会主要工作 2018 年，董事会在国家有关部委、出资人的指导、支持下，持续完善公司治理机制，不断提升决策效率和水平， 勤勉尽责、依法合规，较好地履行了职责。推动公司强化政策性金融机构定位，在服务共建“一带一路”、支持实体 经济发展、促进外贸稳中向好等方面的政策性作用进一步显现。全面落实国家关于防控金融风险的有关要求，成立 了董事会资产负债管理委员会，指导公司有关部门修订风险管理办法、强化风险管理和内控合规建设，审议通过了 《资产负债管理委员会工作规则》、《资产负债管理办法》等制度。坚持依法合规，对管理层提交的议案认真把关、科 15 学决策 ；对公司经营管理中出现的重大问题认真研究，推动解决。全年召开 次董事会会议，审议营业机构调整等 107 项议案，充分履行了章程赋予的职责。 14 2018 中国出口信用保险公司 年度报告

Board董事会 of Directors

Composition of the Board of Directors

The Board of Directors (hereinafter referred to as “the Board”) of SINOSURE comprises 13 directors with three executive directors, four directors from various ministries and six equity directors. As of December 31, 2018, there were 12 directors at SINOSURE.

Name Current Position

Song Shuguang1 Chairman, Executive Director

Wang Tingke2 Vice Chairman, Executive Director

Guo Xinshuang Secretary of the Board, Executive Director

Xu Xiaobo

Hu Xuehao Directors from Various Ministries Yuan Xiaoming

Tao Ling (Proposed director)

Xiong Lianhua

Wang Xiaohua

Wang Bo Equity Directors

Zhang Yong

Di Kai

Notes: 1 Former Chairman Wang Yi retired in January 2019. In March 2019, Song Shuguang was elected as Chairman by the Board of the Company. 2 In July 2018, Wang Tingke was elected by the Board as Vice Chairman of the Company and as additional member of the Strategy & Investment Committee and the Nomination & Remuneration Committee.

There were five special committees established under the Board, namely the Strategy and Investment Committee, the Nomination and Remuneration Committee, the Risk Management Committee, the Audit Committee and the Asset and Liability Management Committee. The chairman and members of each special committee were all serving directors. Principal Tasks of the Board

In 2018, under the guidance and support of the relevant ministries and shareholders, the Board continued to improve the mechanism of corporate governance and endeavored to increase the efficiency and effectiveness of decision-making in a diligent and compliant manner such that the duties were soundly executed. The Board promoted the Company to strengthen its position as a policy financial institution and the Company’s policy functions in serving the BRI, supporting the real economy and facilitating steady and positive growth in foreign trade further emerged. To fully meet the requirements of the state on preventing financial risks, the Asset and Liability Management Committee was set up by the Board to guide the relevant departments of the Company to amend the measures on risk management and strengthen the development of risk management, internal control and compliance. The Working Rules of the Asset and Liability Management Committee and the Measures on the Management of Assets and Liabilities were considered and approved. The Board seriously reviewed the proposals submitted to the management and applied scientific decision-making in accordance with the laws and regulations. The Board also looked into major issues that arose in the course of operation and management of the Company and came up with effective solutions. During the year, Board had held 15 meetings to consider 107 resolutions including those on adjustment of business organization, fully performing the duties ascribed to the Articles of Association. CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 15

Board监事会 of Supervisors

监事会组成 5 1 监事会由 名监事组成，其中监事长 名，股东监事 2 2 名，职工监事 名。

姓名 现任职务

周立群 监事长

路 英 股东监事

李 军 股东监事

于淑妍 职工监事

邱 阳 职工监事

监事会下设履职尽职监督委员会和财务与内部控制监 督委员会。

周立群 监事长 Zhou Liqun, Chief Supervisor 监事会主要工作 2018 年，监事会提高政治站位，围绕国家战略和公司中心工作，履行法律法规、监管规定和公司章程赋予的监督职 2017 责。完成董事会、管理层 年度履职评价，开展政策性金融机构国有资本运营监督专题研究和外聘会计师事务所 审计质量再评价，监督“十三五”发展规划年度实施情况，加强财务、内控和风险过程监督，督促公司落实主管部门 风险提示、股东单位管理建议，形成三年工作成果汇编，积极建言献策，做好内外沟通，加强自身建设，开阔监督 10 13 视角。全年召开监事会、专委会和会商会 次，研究审议议案议题 项。

监事会对本公司有关事项的意见 2018 年，中国信保积极服务共建“一带一路”，支持实体经济发展，有效防范化解风险，各项工作取得明显成效。董 事会切实履行法律法规、监管规定和公司章程赋予的职责，积极落实股东单位的有关要求，会议召开、议案审议和 信息披露符合相关规定，决策过程依法合规。管理层认真执行董事会决议，合规有序开展工作，持续提升经营管理 水平。公司各项工作扎实推进，为国家稳外贸、促增长、保就业作出了贡献。 16 2018 中国出口信用保险公司 年度报告

Board监事会 of Supervisors

Composition of the Board of Supervisors

The Board of Supervisors comprises five Supervisors, including one Chief Supervisor, two Shareholder Supervisors and two Employee Supervisors.

Name Current Position

Zhou Liqun Chief Supervisor

Lu Ying Shareholder Supervisor

Li Jun Shareholder Supervisor

Yu Shuyan Employee Supervisor

Qiu Yang Employee Supervisor

Under the Board of Supervisors, there are the Performance and Due Diligence Supervision Committee and the Financial and Internal Control Supervision Committee. Principal Tasks of the Board of Supervisors

In 2018, the Board of Supervisors raised the political stance and fulfilled its supervision duties in accordance with the laws and regulations, regulatory requirements and the Articles of Association by centering on the national strategies and the Company’s key tasks. The Board of Supervisors completed the 2017 performance evaluation report of the Board and management. It conducted research on state-owned capital operation supervision of policy financial institutions and the reevaluation of audit quality of external accounting firms. While supervising the annual implementation of the “13th Five- Year” Development Plan, the Board of Supervisors stepped up its supervision on financial, internal and risk processes, and oversaw the Company’s implementation of the risk warnings for the responsible departments and the management suggestions for shareholders. Moreover, it compiled the report on work results of the past three years. The Board of Supervisors offered advice and suggestions, maintained good communication both internally and externally, strengthened self-building, and widened the coverage of supervision. During the year, 10 meetings of the Board of Supervisors, Special Committee and work meetings were convened to study and consider 13 resolutions. Opinions of the Board of Supervisors on Relevant Matters of SINOSURE

In 2018, SINOSURE devoted great efforts to co-build the BRI and supported the development of real economy by effectively preventing and mitigating risks, and achieved significant results on different fronts. The Board of Directors effectively performed the responsibilities in accordance with the relevant laws and regulations, regulatory requirements and the Articles of Association. Actively fulfilling the requirements of shareholders and complying with the relevant requirements on convening of meetings, consideration of resolutions and information disclosure, the Board ensured the decision-making process was in compliance with laws and regulations. In the meantime, the management earnestly implemented the Board resolutions in a compliant and orderly manner, with a view to continuously uplifting the level of operation and management. The Company made solid progress on all levels of work, contributing to the country’s effort to stabilize foreign trade, promote growth and secure employment. CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 17

Management管理层

王廷科 Wang Tingke President 总经理

郭新双 Guo Xinshuang 查卫民 Zha Weimin Vice President Vice President 副总经理 副总经理

徐爱婷 Xu Aiting 黄志强 Huang Zhiqiang 殷延辉 Yin Yanhui Secretary of Vice President Assistant the纪委书记 Discipline Inspection 副总经理 President总经理助理 Committee 18 2018 中国出口信用保险公司 年度报告

Organizational组织架构 Chart

㦏ηц ⯽ηц

ᝄ⪑̺េ䉰ༀ঄ц ᆑ㕸ᅩ㕸⯽ⲏༀ঄ц ᣼ह㫖䚘ༀ঄ц

䘔ᣓݢ⯽ⲏༀ঄цڱ䮕ネ⤲ༀ঄ц 䉎ߍ̺䷺ Ⴭ䃍ༀ঄ц

䉰ϓ䉋զネ⤲ༀ঄ц ネ⤲ᅮ

ᕧ䘔䘔䬔 㥑͆ᱦᲰ දโᱦᲰ त ђ᪒Џ㶔ะژܲ≑ა ๕ژ㦏ηцߊ तژა ⇟ࡃܲژߊ तژϦ߇䉰⎼䘔 ᆝ㺫ܲ तژ⯽ᄋ䘔 䓩Ⴍܲ तژა 叽哅↋ܲژግ㻲጑҈䶲ᄨᄻ㏰ߊ तژܲ⊢̶ აǵ጑цژ⯽ηцߊ तژ䃍ܾ䉎ߍ䘔 ↋㟻ܲ तژჍ䃍䘔 ⊅↋ܲ तژܲ∎ࣽᆁᝄ⪑䘔 Ⴍ तژ䮕ネ⤲䘔 Ⴕᓩܲ䷺ तژᒷऴ㻰䘔 ⺻ᐦܲ∁ तژ఩䭱ηߍ䘔 ࣒䬔ܲ तژ䶥Ⱊ䮕ネ⤲䘔ǵ఩ტ䶥Ⱊη͆䘔 ↋㺫ܲ तژ䉤ᬿ䮕ネ⤲䘔 ᆝ͈ܲ तژ䊀ネ⤲䘔 ⇟ࢃܲ⤲ तژϓ৭ネ⤲䘔 ⎂ࡃܲ तژ჎ᝣ᰹ߍ䘔 ⎂ࢃܲ तژ఩ݗ䷺䮕ⵀ⾢͙ᓯ Ꭻ͈ܲ तژ䶥Ⱊ䮕ጮ౦ᐬࣽ䘔 ⌝౟ܲ तژߍ䃰Ⴭༀ঄ц Ꭻ㺫ܲ͆ तژ͙䪫᱋䮕ឫԉ䘔 ఇጉܲ तژโេ䉰䮕ឫԉ䘔 νࢃܲ⊢ तژ䉤ᬿ䮕ឫԉ䘔 䮁㺫ܲ

ܦए➥䮕ឫԉ䘔 䛹Ꮂ㥑͆ネ⤲䘔 त喋ゥ喌ژܲ⪲ԉ͆ߍ䘔 ᫜៱ 䊀䔩֫͆ߍ䘔 注 ：因服务境外中资企业需要，除伦敦⤲ ԍᖛឬᱛネ⤲䘔 代表处外，中国信保设立了阿联酋 䒛Тᐬࣽ䘔 迪拜、巴西圣保罗、南非约翰内斯 䉰ϓネ⤲η͆䘔 堡、俄罗斯莫斯科、印度尼西亚雅 䉰ԍ䃰ќ͙ᓯ 加达、埃及开罗工作组。 じ̬㥑͆䘔 じθ㥑͆䘔 じ̵㥑͆䘔 CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 19

Board of Directors Board of Supervisors

Strategy and Investment Committee Performance and Due Diligence Supervision Committee Nomination and Remuneration Committee

Risk Management Committee Financial and Internal Control Supervision Committee Audit Committee

Asset and Liability Management Committee Management

Headquarters Departments Branches Overseas Office

The Board Office Tianjin Branch London Representative Office

General Administration Office Hebei Branch

Human Resources Department Shanxi Branch

Supervisory Department Liaoning Branch

Office for Inspection Leading Group Heilongjiang Branch

The Board of Supervisors Office/Labor Union Shanghai Branch

Planning & Finance Department Jiangsu Branch

Audit Department Zhejiang Branch

Development & Strategy Department Ningbo Branch

Risk Management Department Anhui Branch

Legal Affairs & Compliance Department Fujian Branch

International Department Xiamen Branch

Project Insurance Management Department/ State Project Business Department Jiangxi Branch

Trade Credit Insurance Management Department Shandong Branch

Claims Management Department Henan Branch

Product Management Department Hubei Branch

Client Service Department Hunan Branch

Research Center of Country Risk Guangdong Branch

Project Insurance Market Development Department Shenzhen Branch

Operational Approval Committee Guangxi Branch

Medium- and Long-term Underwriting Department Sichuan Branch

Overseas Investment Insurance Underwriting Department Yunnan Branch

Export Trade Insurance Underwriting Department Shaanxi Branch

Export Special Insurance Underwriting Department Chongqing Business Office

Guarantee Business Department Xinjiang Branch (under planning) Note: In addition to London Representative Claims & Recovery Department Office, SINOSURE has set up Information Technology Management Department working teams for Dubai, the United Arab Emirates; São Paulo, Software Development Department Brazil; Johannesburg, South Africa; Asset Management Business Department Moscow, Russia; Jakarta, Indonesia; and Cairo, Egypt, respectively to better SinoRating serve overseas Chinese enterprises. Headquarters Business Department One

Headquarters Business Department Two

Headquarters Business Department Three 20 2018 中国出口信用保险公司 年度报告

Performance业绩回顾 Review CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 21

Performance业绩回顾 Review 22 2018 中国出口信用保险公司 年度报告

Performance业绩回顾 Review

2014 - 2018 Overview of Performance总体业务概况 from 2014 to 2018

金额单位 ：亿美元 Unit: USD100 million

Sum承保金额 Insured Premium承保保费 Underwritten

6,119.9

5,245.9 4,715.1 4,731.2 4,455.8 29.1 29.1 27.4 26.0 25.5

2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

已决赔款Claims Paid Recoveries追偿收入

19.2

3.7 14.5 3.3 3.4 13.7 12.7 2.6 11.2 2.3

2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 23

2014 - 2018 Overview of Sum主要险种承保金额一览 Insured of Major Types of Insurance from 2014 to 2018

金额单位 ：亿美元 短期出口信用保险Short-term Export Credit Insurance Unit: USD100 million

2018 4,814.0

2017 4,128.0

2016 3,752.4

2015 3,638.8

2014 3,448.2

中长期出口信用保险Medium and Long-term Export Credit Insurance 海外投资保险Overseas Investment Insurance 581.3 488.9 409.4 426.5 238.6 233.2 358.4 217.6 222.9 202.5

2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

国内贸易信用保险Domestic Trade Credit Insurance 担保Bonds & Guarantee 457.5 419.7 69.9 374.3 378.6 313.0

31.2 24.0 15.5 11.8

2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 24 2018 中国出口信用保险公司 年度报告

Performance业绩回顾 Review

2018 年，中国信保以服务共建“一带一路”、支持外贸稳中向好、促 进实体经济发展、助力小微企业成长为业务重点，充分发挥出口信用 保险拓市场、促融资、防风险、补损失的功能，业务覆盖面进一步扩 6119.9 16.7% 29.1 大。全年实现承保金额 亿美元，增长 ；承保保费 亿 6.4% 美元，增长 。其中，中长期出口信用保险、海外投资保险、短 5628.5 15.9% 期出口信用保险承保金额为 亿美元，增长 。全年服务客 10 19.2 40.6% 2.3 户超过 万家 ；支付赔款 亿美元，增长 ；追偿收入 亿 美元。

In 2018, SINOSURE focused its business on co-building the BRI, supporting steady and positive growth in foreign trade, promoting real economic development and assisting SMEs to grow. We fully played the functions of export credit insurance to explore market, promote financing, prevent risks, compensate losses, and export credit insurance coverage further expanded. During the year, the total insured amount was USD611.99 billion, representing an increase of 16.7%. The underwritten premiums amounted to USD2.91 billion, representing a year-on-year increase of 6.4%, among which, the amount insured of the medium and long-term export credit insurance, overseas investment insurance and short-term export credit insurance was USD562.85 billion, representing an increase of 15.9%. During the year, we served over 100000 clients, paid claims of USD1.92 billion, representing an increase of 40.6%. The recoveries amounted to USD230 million.

服务共建“一带一路” 重点支持了基础设施互联互通、国际产能合作、境外经贸合作区等领域。

与“一带一路”沿线 在首届“一带一路” 全年承保对沿线国家 在“一带一路”沿线 承保缅甸仰光国际机 17 国家政府部门、企业 国际合作高峰论坛 的出口和投资 国别业务项下，支付 场扩建等重大项目 和金融机构等签署合 项成果项下，累计出 赔款 作协议 具保单 1503.6 94 6.3 个 亿美元 亿美元 9 项 55 个 实现承保金额 增长 15.8% 70.6 亿美元 CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 25

- Katembe-Maputo Bridge,中国信保承保的莫桑比克卡腾贝 Mozambique underwritten by马普托大桥 SINOSURE

Co-building the BRI

Areas supported include infrastructure connectivity, international capacity cooperation, Overseas Economic and Trade Cooperation Zone.

Following the 17 outcomes During the year, the insured Our businesses with the of the first Belt and Road amount of China’s exports Belt and Road countries A total of 94 major projects 9 International Cooperation to and investments in the recorded claims paid of cooperation agreements including the expansion Forum, we issued a total of Belt and Road countries was were signed with of Yangon International Airport, Myanmar were governmental USD billion 0.63 underwritten departments, enterprises 55 policies USD150.36 and financial institutions with an insured sum of billion, of the Belt and Road representing an countries increase of USD7.06 billion 15.8% 26 2018 中国出口信用保险公司 年度报告

Performance业绩回顾 Review

Supporting支持外贸稳中向好 Steady and Positive Growth in Foreign Trade 2591.1 亿美元

Supported支持企业向新兴市场出口和投资 exports to and investment in emerging markets 1001.2 USD259.11 billion 亿美元

Supported支持高新技术企业出口和海外投资 exports of high-tech enterprises and overseas investments USD100.12 billion

均超过 20%

对自主品牌、战略性新兴产业、电子信息产品、汽车、医药等 The重点行业出口的覆盖面 insurance coverage of key industries exceeded 20%, including independent brands, strategic emerging industries, electronics and IT products, vehicles, medicine, etc.

299 85 Increased增长 by Increased增长 by 亿美元 9.7% 亿美元 24%

9 Provided承保船舶维修、物流服务输出等 underwriting for nine major areas大领域服务贸易 of trade in Supported支持跨境电商和外贸综合服务出口 the export cross-border e-commerce and foreign services including ship repairing and logistics service export trade integrated service USD29.9 billion USD8.5 billion increased by 9.7% increased by 24% CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 27

Service服务小微出口企业 for SMEs

678.5 Increased增长 by 亿美元 18.0% Underwritten承保小微企业出口 amount of SMEs USD67.85 billion

覆盖面 Coverage超过 of over 突破 8 万家 30%

Our服务小微企业 SME clients exceeded 80000 in number

1.1 Increased增长 by 亿美元 10.6% Claims向小微企业支付赔款 paid to SMEs USD110 million 28 2018 中国出口信用保险公司 年度报告

Performance业绩回顾 Review

Award-winning获奖项目 Projects

中国信保承保的由四家外资银行组成银团进行融资、中资企业承建的哈萨克斯坦齐姆肯特炼油厂项 2018 6 Trade and Export Finance 2017 ECA 目，于 年 月荣获 年度十佳项目――欧洲中亚地区最佳 融 资项目奖。

The Kazakhstan Shymkent Refinery project, which was financed by a consortium formed by four foreign banks with the support of SINOSURE and undertaken by a Chinese enterprise as the construction contractor, was honored with Trade and Export Finance’s Best 10 Deals of 2017: European/Eurasian ECA Finance Deal of the Year in June 2018. CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 29

2800 2018 6 中国信保承保的出口芬兰 客邮轮型客滚船项目，于 年 月荣获权威海事金 MARINE MONEY 融杂志 评选的年度交易“创新项目奖”。

The underwritten export of a 2800-pax ro-ro passenger cruise ship to Finland was awarded the Innovation Deals of the Year by the authoritative maritime finance magazine MARINE MONEY in June 2018.

FLNG 2018 6 MARINE 中国信保承保的出口比利时 项目，于 年 月荣获国际权威海事杂志 MONEY 评选的全球最佳结构化融资项目奖。 The underwritten export of FLNG to Belgium was honored with Global Best Structured Financing Project Award by the authoritative international maritime magazine MARINE MONEY in June 2018. 30 2018 中国出口信用保险公司 年度报告

Performance业绩回顾 Review

Medium中长期出口信用保险业务 and Long-term Export Credit Insurance

2018 233.2 年，实现承保金额 亿美元。承保项目主要分布在电力、制造、交通运输和建筑 42 等行业，覆盖 个国家（地区），实现了对赤道几内亚、加拿大、瑞士、马拉维、波兰、 6 吉尔吉斯共和国等 个国别的承保突破。

In 2018, the new insured amount was USD23.32 billion, covering industries such as power, manufacturing, transportation and construction. Our business covered 42 countries or regions, and for the first time extended to six countries – Equatorial Guinea, Canada, Switzerland, Malawi, Poland and Kyrgyz Republic.

2017-2018 Insured Amount中长期出口信用保险承保金额 under Medium and Long-term Export Credit Insurance (2017-2018)

单位：亿美元 Unit: USD100 million 238.6 233.2

2017 2018

2017-2018 Insured Amount中长期出口信用保险分洲别承保结构 under Medium and Long-term Export Credit Insurance by Continent (2017-2018)

单位：千美元 11,223,059 Unit: USD’000 10,239,327 2017 2018 9,129,505 8,917,360

3,135,668 2,475,910 1,558,941

346,337 21,091 0 7,039 130,939

亚洲 欧洲 拉丁美洲 非洲 大洋洲 北美洲 Asia Europe Latin America Africa Oceania North America CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 31

1 9 22000 Underwriting承保案例 Case：出口法国达飞公司 1: Export Project of Nine 22000艘 TEU Container箱集装箱船项目 Ships for CMA CGM, France

22000 该项目由五家船厂共同建造九艘集装箱船，可装载 箱集装箱，将采用燃油和液 化天然气双燃料动力，是目前全球在建最大的、首批以液化天然气为动力的集装箱 承保金额 船。该项目是中国信保承保的首个通过法式税务租赁进行船舶出口融资的项目，承保 Insured sum of 14.2 USD1.42 billion 金额 亿美元。 The project involves nine container ships co-built by five shipyards. Each of the nine ships 14.2 has a capacity of 22000 TEUs by consuming dual fuel, i.e. fuel oil and liquefied natural gas. The ships are currently the world largest container ships being built and among the first 亿美元 batch to be fueled by liquefied natural gas. The project marks the first time that SINOSURE has underwritten financing for ship export using French tax lease with an insured sum of USD1.42 billion. 32 2018 中国出口信用保险公司 年度报告

Performance业绩回顾 Review

2 Underwriting承保案例 Case：科特迪瓦圣佩德罗体育场项目 2: Stadium of San Pédro, Côte d’Ivoire

2021 33 该体育场是科特迪瓦 年第 届非洲国家杯的承办场馆之一。中国信保通过提供出 8167 口买方信贷保险，帮助该项目顺利实现融资关闭，承保金额 万美元。 Insured承保金额 sum of The stadium will be one of the hosting venues of the 33rd Africa Cup of Nations to be held USD81.67 million in Côte d’Ivoire in 2021. By providing buyer’s export credit insurance, SINOSURE assisted the stadium project in closing the financing deal. The insured sum was USD81.67 million. 8167

万美元 CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 33

Overseas海外投资保险业务 Investment Insurance

2018 581.3 18.9% 182.4 年，实现承保金额 亿美元，增长 ；其中，新增承保金额 亿美元。承保项目主要分布在电力、 84 6 矿产、建筑、制造等行业，覆盖 个国家（地区），实现对爱尔兰、约旦、爱沙尼亚、比利时、捷克、乌拉圭等 个 国别的承保突破。

In 2018, the amount underwritten was USD58.13 billion, representing an increase of 18.9% and of which USD18.24 billion were newly added. Industries being covered mainly included power, mining, construction and manufacturing. Our business spanned across 84 countries or regions, and for the first time extended to six countries of Ireland, Jordan, Estonia, Belgium, Czech Republic and Uruguay.

2017-2018 Insured Amount海外投资保险承保金额 under Overseas Investment Insurance (2017-2018)

单位：亿美元 Unit: USD100 million 488.9 581.3

2017 2018

2017-2018 Insured Amount海外投资保险分洲别承保结构 under Overseas Investment Insurance by Continent (2017-2018)

单位：千美元 Unit: USD’000 39,450,392 2017 2018 34,122,440

8,617,284 6,691,585 3,675,445 4,386,549 3,273,589 2,690,946 458,735 1,957,352 154,030 1,541,090

亚洲 欧洲 拉丁美洲 非洲 大洋洲 北美洲 Asia Europe Latin America Africa Oceania North America 34 2018 中国出口信用保险公司 年度报告

Performance业绩回顾 Review

1 Underwriting承保案例 Case：巴西圣保罗圣诺伦索供水系统项目 1: São Lourenço Water Supply System, São Paulo, Brazil

29.7 10.1 该项目总投资金额为 亿雷亚尔（折合约 亿美元），建成后将有效缓解巴西圣保 罗地区供水严重短缺的状况。中国信保为该项目提供了海外投资（股权）保险，承保汇 2.1 最高承保金额 兑限制、征收、战争及政治暴乱、违约风险，最高承保金额 亿美元。 Maximum underwritten amount of USD210 million With an aggregate investment of BRL2.97 billion (equivalent to approximately USD1.01 billion), the project is expected to effectively relieve the severe water shortage in the São Paulo area upon its completion. SINOSURE provided the project with overseas investment 2.1 (equity) insurance, underwriting the risks associated with inconvertibility and exchange restrictions, expropriation, war and political violence, and breach of contract, with a 亿美元 maximum underwritten amount of USD210 million. CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 35

2 Underwriting承保案例 Case：毛里塔尼亚渔业基地项目 2: Mauritanian Fishery Base

该项目是我国远洋渔业龙头企业为开展远洋捕捞，配套建设的包括码头、加工厂、制冰厂、冷藏库、生活附属用房 等基础设施在内的岸上渔业基地，为所在国创造了大量就业岗位，对该国的经济发展具有积极影响。中国信保通过 海外投资（债权）保险，全面覆盖了企业在非洲地区的投资风险，并用保险带动融资，支持企业解决了投资资金需 6000 求。该项目最高承保金额 万美元。

The project of leading pelagic fishery enterprises of China involves the building of a shore fishery base equipped with infrastructure including wharf, processing plant, ice plant, cold storage, ancillary domestic building, etc., creating abundant employment opportunities in the country and having a positive impact on the economic development of the country. SINOSURE’s overseas investment (debt) insurance not only offered comprehensive coverage of investment risks of enterprises in Africa, but also facilitated financing to resolve investment capital requirements of enterprises. The maximum underwritten amount of the project was USD60 million. 36 2018 中国出口信用保险公司 年度报告

Performance业绩回顾 Review

Short-term短期出口信用保险业务 Export Credit Insurance

2018 4814 16.6% 200 年，实现承保金额 亿美元，增长 ；承保覆盖了中国企业向 多个 国家（地区）的出口，主要涉及机电、高新技术、汽车、轻工、电子信息、纺织、农 产品、船舶等行业。

In 2018, the insured amount was USD481.4 billion, representing an increase of 16.6%, covering exports to more than 200 countries or regions by Chinese enterprises and industries including electromechanical, high-tech, automotive, light industry, electronic information, textiles, agricultural products, ships, etc.

1 Underwriting承保案例 Case：“海外仓业务”模式支持出口企业成长 1: “Overseas Warehouse Business” Model Supports Growth of Export Enterprises

近年来，在电子商务技术和大数据支持下，跨境电商快速发展。中国信保与某全 2018 球知名跨境电商平台合作，创新性地设计了由外贸综合服务平台参与的“海外仓业 该模式助力某企业 务”新模式，制定了一套有针对性的承保方案。在该模式下，平台根据电商卖家的 This年实现销售额 model pushed sales 指示，替代卖家完成采购、安排物流、报关等环节。为控制风险，平台将对海外仓 amount of the enterprise in 2018 to USD110 million 公司的应收账款向中国信保投保。该模式有效帮助电商卖家解决了融资瓶颈和精力 分散的痛点。据电商平台反馈，使用该模式的电商卖家业务增速要远快于电商平台 所有卖家的平均业务增速。以最先使用这一模式的国内某家居卖家为例，其销售规 1.1 2015 500 2018 1.1 2017 模从 年的 万美元增加到 年的 亿美元，并由此在 年吸引了一项 2500 亿美元 万美元的风险投资。

In recent years, supported by e-commerce technology and big data, cross-border e-commerce has grown rapidly. Working with a globally renowned cross-border e-commerce platform provider, SINOSURE innovatively devised a new model of “overseas warehouse business” for the foreign trade integrated service platform and formulated a set of targeted underwriting measures. Under the model, the platform providers can arrange procurement, logistics, customs filing and other segments for the suppliers per the instructions of e-commerce suppliers to manage risks, and purchase insurance from SINOSURE for covering the risks of payment collection in relation to the accounts receivable by overseas warehouse companies. The model effectively assists e-commerce suppliers to solve the bottlenecks of financing and resource allocation. Based on the feedbacks of the e-commerce platform, e-commerce suppliers using the model experienced growth of business far quicker than the average growth of all suppliers on the e-commerce platform. Taking a domestic home supplier who first used this model as an example, its sales amount grew from USD5 million in 2015 to USD110 million in 2018 and thus attracted a venture capital of USD25 million in 2017. CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 37

2017-2018 Insured Amount短期出口信用保险承保金额 under Short-term Export Credit Insurance (2017-2018)

单位：亿美元 Unit: USD100 million 4128 4814

2017 2018

2 MSC Underwriting承保案例 Case： 2: Scrubber系列船用脱硫塔改装项目 Refit for MSC Ship Series

MSC 该项目为国内三家骨干船厂为地中海航运集团（简称“ ”，世界第二大航运集团） 41 改装 艘集装箱船船用脱硫塔项目。中国船厂首次承接该项目，面临交船后船舶改装 款收汇风险，中国信保在充分评估脱硫塔改装技术风险、船东信用风险以及船厂融资 3.3 Aggregate累计实现承保金额 underwritten 需求之后，提供了特定合同保险承保该系列项目，累计承保金额达 亿美元。 amount of USD330 million In this project, three backbone shipyards of China were commissioned to refit scrubbers for 41 container ships of Mediterranean Shipping Company (MSC, the world second largest 3.3 shipping group). Being the first time for Chinese shipyards to undertake such project, it involved risks associated with the payment collection upon the delivery of ships. After 亿美元 carefully assessing the technical risk of scrubber refit, shipowner credit risk and shipyard financing requirements, SINOSURE offered a specific contract insurance to underwrite said projects, with an aggregate underwritten amount reaching USD330 million. 38 2018 中国出口信用保险公司 年度报告

Performance业绩回顾 Review

Domestic国内贸易信用保险业务 Trade Credit Insurance

2018 3026.2 457.5 18.3% 年，实现承保金额 亿元人民币（折合 亿美元），增长 。推动国 家供给侧结构性改革，持续优化行业承保结构，积极承保电子电气和零售等先进制造 或国内消费行业。 Insured实现承保金额 amount of RMB302.62 billion In 2018, SINOSURE achieved the insured amount of RMB302.62 billion (equivalent to USD45.75 billion), representing an increase of 18.3%. We promoted the structural reform of supply-side, continuously optimized the underwriting structure of industries, and actively underwrote for advanced 3026.2 manufacturing or domestic consumer industries such as electronics, electrical and retailing. 亿元人民币

Bonds担保业务 & Guarantee

2018 205.2 Newly-added新增担保金额 年，担保业务重点支持共建“一带一路”项目。新增担保金额 亿元人民币 31.2 156.8% guarantee amount of （折合 亿美元），增长 。 RMB20.52 billion In 2018, SINOSURE’s guarantee businesses focused on supporting the BRI. The amount of newly-added guarantee was RMB20.52 billion (equivalent to USD3.12 billion), representing 205.2 an increase of 156.8%. 亿元人民币

Financing信用保险项下融资 under Credit Insurance

2018 3269.1 494.8 年，中国信保支持投保企业获得银行融资 亿元人民币（折合 亿美 2018 266 元）。截至 年底，与中国信保有实际合作业务的银行达 家，累计支持企业获得 3.3 信用保险项下融资超过 万亿元人民币。 In 2018, SINOSURE supported enterprises to obtain RMB326.91 billion (equivalent to USD49.48 billion) of bank financing. By the end of 2018, 266 banks have established actual business ties with SINOSURE, and the aggregate amount of credit insurance financing obtained by enterprises with the support of SINOSURE exceeded RMB3.3 trillion.

中国信保承保的乌兹别克斯 Cotton坦棉花种植及加工基地 plantation and processing base in Uzbekistan underwritten by SINOSURE CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 39

Claims理赔和追偿 and Recovery

2018 年，中国信保推出小额案件理赔追偿标准化模式、小微企业信保通“网上理赔 系统”等创新服务，并进一步优化业务流程，有效提升了理赔效率和服务质量。截至 2018 347 16.1% 年底，中国信保的全球合作追偿渠道达 家，增长 ，对承保国别、地区 347全球合作追偿渠道达 recovery channels 和行业的覆盖面进一步扩大，渠道功能与追偿能力进一步增强。 worldwide In 2018, SINOSURE introduced various innovative services including claims and recovery standardization model for small-amount cases and the “Online Claim System” for SMEs. 347 We further optimized our business procedures, effectively improving the claim efficiency 家 and service quality. By the end of 2018, SINOSURE had a total of 347 recovery channels worldwide, growing by 16.1%. Our coverage in countries, regions and industries underwritten further expanded, and channel functions and the recovery ability were also enhanced.

Credit资信服务 Rating Services

2018 年，中国信保持续提升资信、评级、咨询和电子商务业务板块能力建设，加强 产品技术研发及数据库开发，推动建立信用风险智库，创新推出提单数据在线查询服 2018 累计提供海内外 务，推动研发海外企业信用评级等服务。 年，中国信保累计提供海内外企业资信 企业资信报告近 45 260 460 Provided an aggregate of 报告近 万份、行业研究及咨询报告 余份，为 余家企业提供了信用评级。截至 nearly 450000 credit rating 2018 5000 1 年底，中国信保资信数据库覆盖 万家中国企业数据、 亿家海外企业数据、 reports of enterprises 3.4 300 home and abroad 万家银行数据，拥有海内外资信信息渠道超过 家，资信调查业务覆盖全球所有 国别、地区及主要行业。 In 2018, SINOSURE continued to develop its capabilities in the areas of credit reporting, credit 45 万份 rating, consultation and e-commerce, strengthened its R&D on product technologies and database development. We established a credit risk think tank, launched an innovative online inquiry service for bills data, and promoted R&D on overseas enterprise credit rating services. In 2018, SINOSURE provided an aggregate of nearly 450000 credit rating reports of enterprises home and abroad and more than 260 industry research and consultation reports, credit rating services for more than 460 enterprises. By the end of 2018, the credit database of SINOSURE covered the data of 50 million Chinese enterprises, 100 million overseas enterprises and 34000 banks, with over 300 overseas and domestic credit information channels. Our credit investigation businesses covered all countries, regions and major industries all around the world.

中国信保承保的出口塞拉利 SINOSURE昂公交车项目 underwrote for the export of buses to Sierra Leone 40 2018 中国出口信用保险公司 年度报告

Performance业绩回顾 Review

Publication报告发布 of Reports

The发布《国家风险分析报告》 Handbook of Country Risk

2018 14 年，连续第 年发布《国家风险分析报告》。报告分为上、下两册。上册为《国家 62 风险分析报告――国家风险评级、主权信用风险评级暨 个重点国家风险分析》，对 192 62 除中国以外的 个主权国家进行了国家风险评级和主权信用风险评级，并选取了 个与我国政治经济关系密切的国别进行重点分析，对企业对外贸易和投资活动具有重 要的指导意义。下册为《国家风险分析报告――全球投资风险分析、行业风险分析、 企业破产风险分析》，从国别、行业、企业三个维度，多层次展示中国企业对外投资所 面临的风险，并附以大量案例帮助读者了解相关风险，同时提供管控建议。 In 2018, we published The Handbook of Country Risk for the 14th year in a row, which is divided into Book A and Book B. Book A, namely The Handbook of Country Risk: Country Risk Rating, Sovereign Credit Risk Rating and Risk Analysis of 62 Key Countries, conducted country risk rating and sovereign credit risk rating for 192 sovereign countries other than China, and selected 62 of them, which had close political and economic ties with China, for major analysis. The country risk rating system has an important guiding value for external trade and investment activities of enterprises. Book B, namely The Handbook of Country Risk: Global Investment Risk Analysis, Industry Risk Analysis and Enterprise Bankruptcy Risk Analysis, showcased external investment risks faced by Chinese enterprises in multiple levels and from the three dimensions of countries, i.e. countries, sectors and enterprises, with plenty of case studies to help readers understand the relevant risks and management advice.

Country国家风险管理论坛 Risk Management Forum CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 41

Policy发布《政策性职能履行评估报告》 Function Performance Assessment Report

Supported拉动出口金额超过 exports of more 26.6%占同期出口总额 of the total amount of Provided拉动就业超过 employment than USD600 billion exports in the same period opportunities to more than 15 million people

6000 亿美元 26.6% 1500 万人

2018 9 2017 年 月，国务院发展研究中心和中国信保联合发布《中国出口信用保险公司政策性职能履行评估报告（ 年 30 度）》，通过对近 个评价指标数据进行测算，定量评估中国信保政策性职能履行情况，同时，增加了政策性职能履 行典型案例，更加具体地展示了政策性出口信用保险的独特作用。报告显示，当年，中国信保拉动我国出口金额超 6000 26.6% 1500 过 亿美元，占同期出口总额的 ，拉动就业超过 万人。 In September 2018, the Development Research Center of the State Council and SINOSURE jointly published the Policy Function Performance Assessment Report of China Export & Credit Insurance Corporation (2017), which quantitatively assessed the performance of policy functions by SINOSURE through estimation using nearly 30 assessment indicators. In addition, typical case studies were included to demonstrate the unique functions of the policy-oriented export credit insurance. The report showed that SINOSURE facilitated Chinese exports of more than USD600 billion in 2017, accounting for 26.6% of the total amount of exports in the same period and bringing employment opportunities to over 15 million people. 42 2018 中国出口信用保险公司 年度报告

Risk风险管理 Management CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 43

风险管理Risk Management 44 2018 中国出口信用保险公司 年度报告

Risk风险管理 Management

2018 年，中国信保坚决贯彻落实打好防范化解金融风险攻坚战的政策要求，恪守稳健、审慎、合规、全面的风险管 理理念，积极平衡稳增长和防风险的关系，持续加强全面风险管理体系建设。年内，公司首次出台完整覆盖七大类 2018 风险的风险偏好陈述书，优化了风险限额指标口径和阈值设定。截至 年末，公司全部偏好指标均满足阈值要 求，偿付能力充足率始终高于监管标准，风险水平总体符合风险偏好。

保险风险方面，全年风险总量增长平稳，风险结构较 战略风险方面，公司“十三五”规划主要预期指标达到 为稳定，业务风险水平整体可控。 进度目标，外部环境、行业政策和客户关系方面无重 大风险异动。 市场风险方面，在外部市场波动加剧的环境下，市场

风险限额指标全年均在监管要求及公司控制范围内 声誉风险方面，持续加大宣传力度，公司品牌形象显 运行。 著提升，年内未发现对公司声誉造成不良影响的事件。

信用风险方面，资金运用业务交易对手、再保渠道、 流动性风险方面，公司资产负债在期限结构、成本收 追偿渠道和资信渠道风险水平整体较低，应收保费余 益、现金流方面匹配较好，流动性资产充足，投资资 额及应收保费率均较上一年度有所下降。 产变现能力良好，流动性风险较低。

操作风险方面，内部控制有效，未发生保险司法案件 和重大法律、监管合规风险，操作风险可控。 CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 45

In 2018, SINOSURE resolutely implemented the policy requirements for laying a solid foundation to prevent and mitigate financial risks, and adhered to a sound, prudent, compliant and comprehensive risk management philosophy. We actively maintained a balance between growth stabilization and risk prevention, and continuously enhanced the construction of comprehensive risk management system. In 2018, SINOSURE issued a statement on risk appetite for the first time covering all seven types of major risks, optimizing the caliber and threshold setting for risk allowance indicators. By the end of 2018, all appetite indicators of SINOSURE reached the threshold requirements; and our solvency adequacy ratio was higher than regulatory standard at all times, and the overall risk level was in line with the risk appetite.

Insurance risk: The aggregate risk over the whole year Strategic risk: The Company met all progress goals of the recorded a steady growth. Risk structure was relatively “13th Five-Year” Plan major expected indicators. No stable, and the business risk level was generally controllable. substantial changes in risks were identified in relation to external environment, industry policy and client Market risk: Externally, with a more volatile market environment, relationship. the indicator of market risk allowance operated within regulatory requirements and the range of control throughout the year. Reputation risk: We stepped up the publicity and SINOSURE’s brand image was significantly enhanced. No Credit risk: Risk levels associated with the counterparties of reputation risk events were identified in 2018. fund operations, reinsurance, recovery and credit rating channels were low. The balance of premiums receivable and premiums Liquidity risk: SINOSURE’s assets and liabilities matched receivable rate declined compared with the previous year. well in terms of term structure, cost benefit and cash flow. We had adequate current assets with highly liquid Operational risk: Internal control was effective. No insurance investment assets. The liquidity risk was low. judicial cases and major legal and regulatory compliance risks occurred. The operational risk was under control. 46 2018 中国出口信用保险公司 年度报告 CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 47

国际合作 International与交流 Cooperation and Exchange 48 2018 中国出口信用保险公司 年度报告

International国际合作与交流 Cooperation and Exchange

2018 年，中国信保在履行政策性职能、配合国家外交、支持共建“一带一路”等方面积极开 展对外合作交流，国际影响力进一步提升。 In 2018, SINOSURE actively engaged in foreign cooperation and exchange in relation to the performance of policy functions, alignment with the Chinese diplomacy and support for co- building the BRI. Its international influence was further enhanced.

Participating参与国家主导合作平台，配合重大外交活动 in International Cooperation to Align with Major Diplomatic Activities Hosted by China

积极参与“中非合作论坛北京峰会”，出口信用保险作为一项独立的金融工具纳入《中非合 - 2019-2021 作论坛 北京行动计划（ 年）》，与贝宁、加纳、科特迪瓦、加蓬、尼日利亚、肯 7 尼亚、埃及、赞比亚、苏丹、南非等国政府部门或金融机构举行会谈，并与加蓬经济部等 个政府部门及金融机构分别签署合作协议。 SINOSURE actively participated in the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC). Export credit insurance was adopted as an independent financial instrument in the FOCAC Beijing Action Plan (2019-2021). SINOSURE met with the foreign governments and financial institutions of Benin, Ghana, Côte d’Ivoire, Gabon, Nigeria, Kenya, Egypt, Zambia, Sudan and South Africa and signed cooperation agreements with seven government ministries and financial institutions including the Ministry of Economy, Gabon.

王廷科总经理（右）代 表公司与加蓬经济部签 President署合作协议 Wang Tingke (Right) on behalf of SINOSURE signed the Cooperation Agreement with the Ministry of Economy, Gabon CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 49

金砖国家领导人第十次会晤期间，参加第四届金砖 国家出口信用机构负责人会议和金砖国家工商论坛 等活动，进一步深化金砖国家金融机构伙伴关系， 共同营造有利的外部环境。 During the 10th BRICS summit, SINOSURE participated in the 4th BRICS Heads of ECAs Meeting and BRICS Business Forum to further strengthen the partnership between the financial institutions of the BRICS countries and jointly create a favorable external environment.

2018 年，中国信保在中外国家元首见证下签署的 合作文件包括 ：与加纳财政部签署融资保险合作框 架协议 ；与科威特石油公司签署框架合作协议并被 - 纳入中国 阿拉伯国家合作论坛第八届部长级会议 务实合作成果，进一步支持中资企业与中东国家深 化合作 ；与南非标准银行签署框架合作协议，为中 资企业参与非洲基础设施项目提供新的融资渠道 ； 与多米尼加财政部签署框架合作协议，促进两国多 方位的合作与发展 ；与巴拿马电网公司签署合作协 议，为进一步密切中巴经贸关系提供助力。 In 2018, the cooperation agreements signed under President王廷科总经理（右）代表公司与多米尼加财政部签署框架合作协议 Wang Tingke (Right) on behalf of SINOSURE signed the Framework Cooperation Agreement with the Ministry of Finance, Dominica the witness of the heads of China and other countries included: the Framework Cooperation Agreement with the Ministry of Finance of Ghana; the Framework Cooperation Agreement with Kuwait Petroleum Corporation, which was included as one of the - 积极参与第八届中国 中东欧国家经贸论坛，在“基础设施” practical cooperation outcomes of the 8th Ministerial 平行论坛上做主旨发言，与匈牙利进出口机构签署的框架合 Meeting at Sino-Arab Cooperation Forum to further 作协议以及与波黑对外贸易和经济关系部签署的合作谅解 support the deepened cooperation between the - Chinese enterprises and the Middle East countries; 备忘录被纳入“第七次中国 中东欧国家领导人会晤成果清 16+1 the Framework Cooperation Agreement with Standard 单”，助力“ ”经贸务实合作。 Bank, South Africa to provide new financing channels SINOSURE actively participated in the 8th China-CEEC Business for the Chinese enterprises with respect to their Forum and made a keynote address at the “Infrastructure” participation in the infrastructure projects in Africa; parallel forum. The Framework Cooperation Agreement the Framework Cooperation Agreement with the signed with the EXIM Hungary and the Memorandum of Ministry of Finance, Dominica to facilitate the all- Understanding signed with the Ministry of Foreign Trade and round cooperation and development of the countries; Economic Relations, Bosnia and Herzegovina were included and the Cooperation Agreement with Panamanian in the List of Outcomes of the 7th China-CEEC Summit, Electric Transmission Company, which further which facilitated the “16+1” practical economic and trade strengthened Sino-Brazilian economic and trade cooperation. relations. 50 2018 中国出口信用保险公司 年度报告

International国际合作与交流 Cooperation and Exchange

Deep深入参与国际规则谈判和全球行业治理 Participation in Negotiations on International Rules and Global Industry Governance

在政府部门指导下，持续参与并推进官方支持出口信贷新国际规则的谈判工作。作为中方重要成员单位，参加出口 信贷国际工作组第十五、十六和十七次全体会议。

首次实质性参与二十国集团工商峰会项下工作，代表行业发声，“出口信用保险在支持全球基础设施建设方面的政策 2018 建议”被纳入 年阿根廷工商峰会基础设施小组《政策建议报告》，并作为提交二十国领导人峰会的整体政策建议 报告。

积极参与以伯尔尼协会（即国际信用和投资保险人协会）为代表的国际行业组织和机制治理工作，深入参与协会管理 和决策，公司代表首次当选伯尔尼协会副主席。 SINOSURE continued to take part in the negotiations on new international rules of export credit. As a key Chinese member, SINOSURE attended the 15th, 16th and 17th plenary meetings of International Working Group on Export Credit.

SINOSURE substantially participated in the work under the framework of G20 and for the first time, spoke on behalf of its peers where the “Policy Recommendation on Export Credit Insurance in Providing Support to Global Infrastructure Construction” was included in the Policy Recommendation Paper issued by the Task Force on Financing Growth & Infrastructure of B20 Argentina Summit 2018 and submitted to G20 Leaders’ Summit as part of the overall Policy Recommendation Report.

SINOSURE continuously pushed ahead and participated in the international organization of Berne Union (International Union of Credit and Investment Insurers) and its governance. SINOSURE was actively involved in the management and decision- making of the Union, and the Company’s representative was elected Vice President of Berne Union for the first time.

SINOSURE中国信保与塞尔维亚出口信用保险署在河北钢铁塞尔维亚钢厂保单项下开展再保险分入 and Serbian Export Credit and Insurance Agency (AOFI) provided reinsurance service under the policy of HBIS’ steel mill in Serbia CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 51

Promoting大力推进同业交流与合作，拓展更多合作平台 Exchange and Cooperation among Peer Companies, Exploring More Cooperation Platforms

认真落实首届“一带一路”国际合作高峰论坛成果，成功实现与塞尔维亚出口信用保险署再保险分入合作，在官方出 口信用机构实质性业务合作领域取得重要突破，成为“一带一路”信用保险合作共赢典范。

积极开展国际同业交流，参加伯尔尼协会春季会议和年会、亚太区合作组机构负责人会议、十二国官方出口信用保 险机构负责人会议、国际信用与保证保险协会亚洲年会等重要同业会议，与韩国、日本、意大利、德国、中国香 港、中国台湾的信用保险机构开展业务交流，与各同业机构相互借鉴，共促发展。

2018 23 拓展合作平台，主办联合国框架下南南合作金融中心“ 发展中国家金融领袖培训项目”，邀请联合国及 个发 30 展中国家近 位政府高级别财经官员、金融机构高管、专家学者到公司参观交流，共同探讨出口信用保险在支持共 建“一带一路”、促进南南国家合作、推动实现各国可持续发展中的特殊作用。

作为首届理事单位，参与亚洲金融合作协会工作，出任产业金融合作委员会、首席经济学家专业委员会副主任单 位，为亚太区域金融合作贡献力量。 As implementation of a relevant outcome of the First Belt and Road Forum, SINOSURE successfully entered into reinsurance cooperation with Serbian Export Credit and Insurance Agency (AOFI), which represented a significant breakthrough of substantial business cooperation with other ECAs, and set a win-win model of the Belt and Road credit insurance cooperation.

SINOSURE actively conducted exchange with peer institutions, participated in the Spring Meeting and Annual General Meeting of Berne Union, Regional Cooperation Group (RCG) Heads of ECAs Meeting, G12 Heads of ECAs Meeting, ICISA Asia Committee Meeting and other important meetings, and had business exchange with credit insurance agencies in Korea, Japan, Italy, Germany, Hong Kong and Taiwan of China for mutual learning and progress together.

To expand its international cooperation platform, SINOSURE held the “South-South Education Program for Economics and Finance 2018” organized by Finance Center for South-South Cooperation (FCSSC) under the framework of United Nations, inviting approximately 30 senior finance officials, senior management personnel of financial institutions, experts and academicians from the United Nations and 23 developing countries to visit the Company and engage in exchange to explore the special role of export credit insurance in co-building of BRI, facilitating the South-South cooperation and promoting the sustainable development of countries.

As a council member of the first session, SINOSURE participated in the work of Asian Financial Cooperation Association and served as deputy director unit of Industrial Finance Cooperation Committee and Chief Economists and Research Directors Cooperation Committee, thus contributing to the financial cooperation in the Asia-Pacific region. 52 2018 中国出口信用保险公司 年度报告

International国际合作与交流 Cooperation and Exchange

Giving发挥优势，共同开发第三方市场 Full Play to Its Strengths for the Joint Development of Third-party Markets

+ 继续探索与发达国家大型跨国企业、金融机构共同开发第三方市场，将“中国融资 中国制造”嵌入到商业主体在第 三国市场投资的项目中，实现“联合开发、利益共享、风险共担”的对外合作新模式。

SINOSURE continued its exploration into joint development of third-party markets with sizable multinational corporations and financial institutions of developed countries. We embedded “financing provided by China + made in China” into investment projects of business entities in third-party markets, thereby realizing the new external cooperation model of “joint development, benefit sharing and risk sharing”.

在日本首相访华期间，参加首届中日第三方市场合作论坛，分别与日本贸易保险公司、日本日挥株式会社、三井住 友银行签署双边协议，与中信集团、瑞穗金融集团签署三方合作文件，纳入论坛成果，开启与日本第三方市场融资 保险合作的新篇章。

During the period the Japanese Prime Minister visited China, SINOSURE participated in the first Sino-Japanese Third-Party Market Cooperation Forum and signed bilateral agreements with Nippon Export and Investment Insurance, JGC Corporation, and Sumitomo Mitsui Banking Corporation as well as tripartite agreements with CITIC Group and Mizuho Financial Group. These represented the outcomes of the forum, which started a new chapter on the financing insurance cooperation in third- party markets with Japanese companies and financial institutions.

President王廷科总经理（左一）代表公司与中信集团和瑞穗金融集团签署三方合作协议 Wang Tingke (L1) on behalf of SINOSURE signed the tripartite agreement with CITIC Group and Mizuho Financial Group CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 53

SINOSURE中国信保与中国银行、意大利国家电力公司合作支持的巴西新能源项目 cooperated with Bank of China and Enel S.p.A to support Brazilian new energy projects

7 3 积极服务第三方市场合作，与中国银行、意大利国家电力公司共同支持 个巴西新能源项目，涉及承保金额约 亿 美元。此外，还分别与瑞士地中海航运公司和法国巴黎银行，及美国花旗银行和爱依斯电力公司等签署三方合作协 议，开展第三方市场务实合作。

SINOSURE actively provided service to the third-party market cooperation and jointly supported seven Brazilian new energy projects with Bank of China and Enel, the national electric company of Italy, with an amount of approximately USD300 million. In addition, SINOSURE also signed the tripartite cooperation agreements with Mediterranean Shipping Company S.A., Switzerland and BNP Paribas S.A., France as well as with Citi Bank and AES Corporation, the United States to carry out practical cooperation on the third-party market. 54 2018 中国出口信用保险公司 年度报告

Client客户服务 Service

2018 年，中国信保持续优化客户服务管理。建立客户视角的服务时效监 控标准，业务流程效率进一步提升 ；创新开展业务进度可视化建设，方 客户活动近 便客户实时掌握业务进展。公司总部及各营业机构先后举办共建“一带 Nearly 3000 client events 一路”、纺织、电子家电、农产品等行业高端论坛，以及形式多样的客 3000 6 户活动近 场，覆盖客户超过 万家。 3000 In 2018, SINOSURE continuously optimized its client service management. 场 We established a client-perspective monitoring standard of service effectiveness, improving the efficiency of business procedures. With the 覆盖客户超过 innovative development of business process visualization, we enabled Covering more than 60000 clients clients to track business process in real time. Headquarters and branches successively organized high-level business forums covering themes like BRI co-construction, textiles, electrical appliances and agricultural products, 6万家 along with nearly 3000 client events of different kinds covering more than 60000 clients. CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 55

Human人力资源 Resources

2018 3074 2.0% 截至 年末，员工人数 人，其中拥有博士学位的占 ，拥有 53.3% 42.1% 硕士学位的占 ，拥有学士学位的占 。 2018 At截至 the end年末，员工人数 of 2018, the number At the end of 2018, SINOSURE had a total of 3074 employees, among which of employees was 2.0% held a doctorate degree, 53.3% held a master’s degree and 42.1% held a bachelor’s degree. 3074 人 2.6 2.0

年内，哈尔滨、南昌、武汉、长沙、南宁五家营业管理部分别更名为黑 龙江、江西、湖北、湖南和广西分公司 ；新疆分公司筹建工作顺利推 2018 33 25 1 进。截至 年末，中国信保设有 个总部部门， 个分支机构， 个 42.1 % 53.3 海外代表处。

During the past year, the five business offices in Harbin, Nanchang, Wuhan, Changsha and Nanning were upgraded to Heilongjiang, Jiangxi, Hubei, Hunan and Guangxi Branches respectively. Preparation for the construction Doctorate degree 博士学位 of Xinjiang Branch progressed smoothly. By the end of 2018, SINOSURE Master’s degree 硕士学位 had 33 departments in headquarters, 25 Branches and one Overseas Bachelor’s degree Representative Office. 学士学位 Below bachelor’s degree 学士学位以下

IT信息化建设 Development

2018 年，信息化建设取得积极进展。推动生产运维体系变革，应用云计算平台和应用云统一运维管理平台建设取得 IT 进展。进一步完善信息技术基础设施，完成“两地三中心”骨干网项目，实现三中心互联互通。持续提升 与业务发 80 展的融合度，推进 余个自研类信息系统项目建设，业务平台架构建设及再造升级。加速推进信保通电子商务系统 EDI 18 的 应用，实现了与 家“单一窗口”在线合作。

In 2018, SINOSURE made active progress in IT development. We promoted the transformation of production, operation and maintenance system, making progress in the application of cloud computing platform and cloud integrated operation and maintenance management platform. We further upgraded the information technology infrastructure, and completed the “Two locations, Three centers” backbone network project, putting three-center interconnection into practice. We continued to push ahead the integration of IT and business development, and independently carried out over 80 research projects on information system, business platform structure development and reengineering upgrade. We accelerated the EDI application of the SINOSURE e-commerce system and achieved online cooperation with 18 “international trade single windows”. 56 2018 中国出口信用保险公司 年度报告

Social扶贫工作 Responsibility

2018 年，中国信保扎实推进定点扶贫工作。持续向安徽霍邱县、江西余干县选派挂职 2223.6 32.3% 投入帮扶资金 干部。向两个定点县投入帮扶资金 万元，增长 。扶贫资金主要用于教育 Injected RMB22.236 million 30000 into relief fund 扶贫，全面覆盖 余名贫困户小学生和初中生，兼顾奖励优秀大学生、高中生及 858 帮扶残疾儿童，并对 名“三支队伍”和贫困户进行扶贫扶智和就业技能培训。因地 制宜，推动霍邱县扶贫电商平台建设，实施绿色农产品销售，开发基地参观和农活体 2223.6 + + + 验等项目 ；推动余干县开展菌菇种植产业扶贫，形成“资金 贫困户 合作社 企 业 ”产 万元 业扶贫模式，均取得可喜成效。对定点扶贫地区实行专项出口信用保险优惠政策，加 增长 18 Increased 强对贫困县外贸企业的支持，全年累计承保定点扶贫地区农产品出口 亿美元。 by 32.3%

In 2018, SINOSURE made solid progress in poverty alleviation in targeted areas. We kept appointing seconded cadres to Huoqiu County, Anhui Province and Yugan County, Jiangxi Province, and assigned relief fund of RMB22.236 million to the two counties, representing an increase of 32.3%. The funding for poverty alleviation was mainly used for poverty alleviation through education covering more than 30000 primary students and junior secondary students in poverty, while rewarding outstanding university students and senior secondary students and providing assistance to disabled children. In addition, SINOSURE provided training on poverty alleviation through education and work skills to 858 members of the “three supports team” and households in poverty. We adjusted measures of development according to the local conditions, promoting the construction of poverty alleviation e-commerce platform in Huoqiu County, pushing forward the market of green agricultural products, and developing base visits and farm experience. In Yugan County, we supported in poverty alleviation through mushroom plantation, establishing a “capital + poor household + cooperative + enterprise” industry model and yielded fruitful results. SINOSURE implemented preferential policy on export credit insurance for the targeted areas of poverty alleviation by stepping up its support for the foreign trade enterprises in poor counties. In 2018, the aggregate exports of agricultural products underwritten in the targeted areas of poverty alleviation amounted to USD1.8 billion.

中国信保支持开展的菌菇 Mushroom种植项目 planting project carried out with the support of SINOSURE

中国信保支持建设的五保户 Elderly老年公寓 apartments built for households enjoying five guarantees (guaranteed food, clothing, medical care, housing and burial expenses by communes) with the support of SINOSURE CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 57

2018 年，总分联动，向广东、福建、安徽、四川、云南、湖南和广西等分公司的对口 259.2 15 扶贫地区安排扶贫资金 万元，派驻扶贫干部 人。 Arranged安排扶贫资金 relief fund of In 2018, through the joint efforts of Headquarters and branches, a relief fund of RMB2.592 RMB2.592 million million was arranged for the corresponding poverty alleviation areas of our branches in Guangdong, Fujian, Anhui, Sichuan, Yunnan, Hunan and Guangxi Provinces, etc., with the appointment of 15 poverty alleviation cadres. 259.2 万元

2018 年，中国信保与安徽霍邱县联合开展贫困地区青少年系列帮扶活动。组织举办 派驻扶贫干部 15 Appointed 15 poverty “启志新时代 信保助你行”青少年夏令营，来自霍邱县宋店乡的 名贫困学生来京参 alleviation cadres 4 观学习交流 ；探索开展“点亮微心愿 实现大梦想”公益扶贫捐赠活动，帮助霍邱县 50 所小学 个贫困学生实现了“小心愿”，通过帮扶活动，同学们开阔了视野、增长了见 15 人 识，坚定了刻苦学习、成长成才的信心和决心。

In 2018, SINOSURE jointly worked with Huoqiu County of Anhui Province to launch a series of youth support activities in poor areas. One was a youth summer camp, “SINOSURE: Together with You in the New Era of Inspiration”, which invited 15 students from poor families of Songdian Township, Huoqiu County to Beijing for exchange; the other was a donation program for poverty alleviation, “From Little Wishes to Big Dreams”, which helped 50 students from four primary schools in Huoqiu County to achieve their “little wishes”. Through these activities, students broadened their vision, opened their mind and strengthened their confidence and resolve to study hard, grow up and flourish. 58 2018 中国出口信用保险公司 年度报告

Financial财务报告 Report CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 59

Financial财务报告 Report 60 2018 中国出口信用保险公司 年度报告

Financial财务报告 Report

Balance资产负债表 Sheet

货币单位 ：人民币千元 Unit:In thousands of RMB

Assets 2017/12/31 2018/12/31 资产 Cash and bank deposits 63,124,686 66,759,536 现金及银行存款 Financial assets at fair value through 15,245,163 8,566,991 以公允价值计量且其变动计 profit and loss 入当期损益的金融资产 Security purchased under resale agreements 257,800 0 买入返售金融资产 Premiums receivable 6,828,103 5,930,620 应收保费 Receivables on reinsurance 441,936 444,618 应收分保账款 Prepaid claims 0 0 预付赔款 Reinsurance share of unearned premium reserves 2,297,187 3,252,589 应收分保未到期责任准备金 Reinsurance share of outstanding claims reserves 6,249,705 6,560,602 应收分保未决赔款准备金 Financial assets available-for-sale 17,671,767 20,018,397 可供出售金融资产 Held-to-maturity investments 5,774,279 17,868,913 持有至到期投资 Fixed assets 457,810 466,488 固定资产 Intangible assets 14,393 25,488 无形资产 Other assets 7,976,921 10,263,500 其他资产 Total Assets 126,339,750 140,157,742 资产合计 Liabilities 负债 Premium received in advance 472,799 318,408 预收保费 Payables on reinsurance 382,627 325,590 应付分保账款 Unearned premium reserves 57,316,203 65,619,912 未到期责任准备金 Outstanding claims reserves 25,396,973 30,435,479 未决赔款准备金 Other liabilities 5,050,103 5,516,176 其他负债 Total Liabilities 88,618,705 102,215,565 负债合计 Owner’s Equity 所有者权益 Paid-in capital 35,269,722 35,427,518 实收资本 Capital reserves 0 0 资本公积 Other comprehensive income 728,265 432,545 其他综合收益 Statutory reserves 861,529 897,435 盈余公积 General risk reserves 861,529 897,435 一般风险准备 Retained Earnings 0 287,244 未分配利润 Total Owner’s Equity 37,721,045 37,942,177 所有者权益合计 Total Liabilities and Owner’s Equity 126,339,750 140,157,742 负债及所有者权益合计 CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 61

Income利润表 Statement

货币单位 ：人民币千元 Unit:In thousands of RMB 2017 2018 Income Items 营业收入 上年同期数 本年累计数 Net premiums earned 7,298,576 10,728,992 已赚保费 Investment income 3,004,360 3,998,826 投资收益 Other income 1,262,998 -1,040,277 其他收入 Total Operating Income 11,565,934 13,687,541 合计 Expenditure Items 营业支出 Claims 8,241,738 10,711,321 赔付成本 Business tax and surcharges 32,202 33,501 税金及附加 Commission expenses 27,744 28,312 手续费及佣金支出 Operating expenses 1,285,595 1,208,294 营业费用 Other expenditure 1,200,364 1,113,220 其他支出 Total Operating Cost 10,787,643 13,094,648 合计 Operating Profit 778,291 592,893 营业利润 Add: Non-operating profit 41,245 -22,680 加：营业外收支净额 Total Profit 819,536 570,213 利润总额 Less: Income tax expense 195,163 211,157 减：所得税费用 Net Profit 624,373 359,056 净利润 62 2018 中国出口信用保险公司 年度报告

Financial财务报告 Report

Significant主要会计政策 Accounting Policies

1. Statement of compliance 声明 本公司编制的财务报表符合企业会计准则的要求，真实、完整地反映了公司的财务状况、经营成果和现金流量等有 关信息。 The financial statements of China Export & Credit Insurance Corporation (the Company) which are in compliance with the requirements of the Accounting Standards for Business Enterprises, present actually the financial position of the Company as of December 31, 2018 and of its financial performance and its cash flows for the year then ended.

2. Accounting basis of preparation for the financial statements 财务报表的编制基础 2006 本公司编制的财务报表以持续经营为基础，根据实际发生的交易和事项，按照财政部 年颁布的《企业会计准 则》、其后颁布的企业会计准则及应用指南、企业会计准则解释以及其他相关规定进行编制。 The Company’s financial statements are based on the assumption of continuous operating, prepared in accordance with the actual transactions and events occurred, the Accounting Standards for Business Enterprises issued by the Ministry of Finance in 2006 and the subsequently issued standards and application guide, explanation as well as other relevant provisions.

3. Fiscal year 会计年度 1 1 12 31 本公司会计年度自公历 月 日至 月 日。 The fiscal year is from January 1, 2018 to December 31, 2018.

4. Reporting currency 记账本位币 本公司以人民币为记账本位币。 The financial statements of the Company are stated in RMB.

5. Accounting methods 会计核算方法 公司实行总部独立核算、统负盈亏，分支机构独立核算损益，年末分支机构将利润全额上划总部，总部汇总报表的 会计核算模式。 The Company practices a management pattern with separate accounting units that jointly share the profits and losses. Local branches keep separate accounts and at the end of the year, transfer the profits and losses to the headquarters to consolidate all financial statements.

6. Translation of foreign currencies 外币业务核算 公司实行外币分账制记账方法，平时对各种外币业务均按各原币记账，期末在编制各原币种报表的同时，编制各种 外币折合人民币后与人民币业务的汇总报表。 Independent foreign currency ledgers are adopted and foreign currency businesses are recorded in the original currencies. At the end of the fiscal year, financial statements are prepared in the original currencies and simultaneously translated into RMB, consolidated with RMB business statements thereafter. CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 63

7. Financial instruments 金融工具 , 金融工具按持有目的进行分类 按照企业会计准则的要求进行确认和计量。 Financial instruments are classified by holding purposes, recognized and measured in accordance with the Accounting Standards for Business Enterprise 2006.

8. Recognition and measurement of fixed assets 固定资产的确认与计量 1 3500 3500 （ ）固定资产是指为公司经营和管理而持有，使用寿命超过一个会计年度且单位价值在 元以上（含 元 ）的 有形资产。固定资产按照历史成本进行初始计量。 Fixed assets refer to those tangible assets held for operation or management purposes, which are expected to be used for more than 1 year and have a unit price over CNY3,500 (Including CNY3,500). Fixed assets are initially measured at history costs.

2 （ ）固定资产的折旧方法：年限平均法。 Depreciation method: straight-line method.

3 （ ）固定资产分类及折旧年限如下： Details of category and useful life are as follows:

Category类别 折旧年限Useful life The rate of residual残值率 value

35 5% Building营业用房 35 years年

4 5% Electronic电子设备 equipment 4 years年

3 5% Computer其中：服务器 servers 3 years年

5 5% Office办公设备 equipment 5 years年

5 5% Electrical电器设备 apparatus 5 years年

5 5% Telecommunications通讯设备 equipment 5 years年

5 5% Safeguarding安全保卫设备 equipment 5 years年

5 5% Transportation交通设备 equipment 5 years年

6 5% Decoration固定资产装修 of fixed assets 6 years年 64 2018 中国出口信用保险公司 年度报告

Financial财务报告 Report

9. Income Tax 所得税 公司所得税采用资产负债表债务法进行会计处理。 Income tax is accounted in Balance Sheet Liability Approach.

10. Recognition and measurement of premium income in the original insurance原保险合同保费收入确认和计量 contract.

原保险合同保费收入，在下列条件均能满足时予以确认 ： 1 （ ）原保险合同成立并承担相应保险责任； 2 （ ）与原保险合同相关的经济利益很可能流入公司； 3 （ ）与原保险合同相关的收入能够可靠地计量。 保费收入的计量根据原保险合同约定的保费总额确定。 Premium income of the original insurance contract is recognized when all the following conditions are satisfied: a. The original insurance contract has come into existence and the corresponding liability has commenced; b. The economic benefits associated with the original insurance contract will flow to the company; c. The relevant amount of revenue can be measured reliably. Measurement of premium income is based on the amount receivable from the policyholder as per the original insurance contract.

11. Provision for insurance liabilities 保险责任准备金 1 Unearned premium reserves （ ）未到期责任准备金 1/365 未到期责任准备金采用 等精算方法提取。 Unearned premium reserves are determined by the 1/365 method.

2 Outstanding claims reserves （ ）未决赔款准备金 未决赔款准备金包括已发生已报案未决赔款准备金、已发生未报案未决赔款准备金和理赔费用准备金，已发生已报 案未决赔款准备金和已发生未报案未决赔款准备金，根据采用精算或逐案估计的方法计算的准备金计提。公司以未 来发生的理赔费用的合理估计金额为基础计量理赔费用准备金。 Outstanding claims reserves include incurred and reported outstanding claims reserves, incurred but not reported outstanding claims reserves and claim expense reserves. Incurred and reported outstanding claims reserves and incurred but not reported outstanding claims reserves are determined by actuarial approach or case estimate approach; Claim expense reserves are measured on reasonable estimate of prospective claim expense.

12. Reinsurance 分保业务 公司分保分出业务采用预估法核算，并按照配比原则依据精算结果确认相应的应收分保未到期责任准备金和应收分 保未决赔款准备金。 Accounting of reinsurance is on the basis of estimation, reinsurance share of unearned premium reserves and reinsurance share of outstanding claims reserves are recognized and determined in accordance with matching principle and actuarial results. CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 65

+86 (010) 6554 2288 信永中和会计师事务所 8北京市东城区朝阳门北大街A 9 telephone:联系电话 ： +86 (010) 6554 2288 号富华大厦 座 层 9/F, Block A, Fu Hua Mansion, No.8, Chaoyangmen Beidajie, ShineWing Dongcheng District, Beijing, +86 (010) 6554 7190 certified public accountants 100027, P.R.China facsimile:传真 ： +86 (010) 6554 7190

审计报告

XYZH/2019BJA90023

中国出口信用保险公司 ：

一、审计意见

2018 12 31 2018 我们审计了中国出口信用保险公司（以下简称中国信保）财务报表，包括 年 月 日的资产负债表， 年度 的利润表、现金流量表、股东权益变动表以及相关财务报表附注。

2018 12 31 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了中国信保 年 月 日的 2018 财务状况以及 年度的经营成果和现金流量。

二、形成审计意见的基础

我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的“注册会计师对财务报表审计的责任”部分进 一步阐述了我们在这些准则下的责任。按照中国注册会计师职业道德守则，我们独立于中国信保，并履行了职业道 德方面的其他责任。我们相信，我们获取的审计证据是充分、适当的，为发表审计意见提供了基础。

三、管理层和治理层对财务报表的责任

管理层负责按照企业会计准则的规定编制财务报表，使其实现公允反映，并设计、执行和维护必要的内部控制，以

使财务报表不存在由于舞弊或错误导致的重大错报。

在编制财务报表时，管理层负责评估中国信保的持续经营能力，披露与持续经营相关的事项（如适用），并运用持续 经营假设，除非管理层计划清算中国信保、终止运营或别无其他现实的选择。

治理层负责监督中国信保的财务报告过程。 66 2018 中国出口信用保险公司 年度报告

四、注册会计师对财务报表审计的责任

我们的目标是对财务报表整体是否不存在由于舞弊或错误导致的重大错报获取合理保证，并出具包含审计意见的审 计报告。合理保证是高水平的保证，但并不能保证按照审计准则执行的审计在某一重大错报存在时总能发现。错报 可能由于舞弊或错误导致，如果合理预期错报单独或汇总起来可能影响财务报表使用者依据财务报表作出的经济决 策，则通常认为错报是重大的。

在按照审计准则执行审计工作的过程中，我们运用职业判断，并保持职业怀疑。同时，我们也执行以下工作 ：

1 （ ）识别和评估由于舞弊或错误导致的财务报表重大错报风险，设计和实施审计程序以应对这些风险，并获取充 分、适当的审计证据，作为发表审计意见的基础。由于舞弊可能涉及串通、伪造、故意遗漏、虚假陈述或凌驾于内 部控制之上，未能发现由于舞弊导致的重大错报的风险高于未能发现由于错误导致的重大错报的风险。

2 （ ）了解与审计相关的内部控制，以设计恰当的审计程序，但目的并非对内部控制的有效性发表意见。

3 （ ）评价管理层选用会计政策的恰当性和作出会计估计及相关披露的合理性。

4 （ ）对管理层使用持续经营假设的恰当性得出结论。同时，根据获取的审计证据，就可能导致对中国信保持续经营 能力产生重大疑虑的事项或情况是否存在重大不确定性得出结论。如果我们得出结论认为存在重大不确定性，审计 准则要求我们在审计报告中提请报表使用者注意财务报表中的相关披露 ；如果披露不充分，我们应当发表非无保留 意见。我们的结论基于截至审计报告日可获得的信息。然而，未来的事项或情况可能导致中国信保不能持续经营。

5 （ ）评价财务报表的总体列报、结构和内容（包括披露），并评价财务报表是否公允反映相关交易和事项。

我们与治理层就计划的审计范围、时间安排和重大审计发现等事项进行沟通，包括沟通我们在审计中识别出的值得 关注的内部控制缺陷。

信永中和会计师事务所（特殊普通合伙） 中国注册会计师 ：

中国注册会计师 ：

中国 北京 二○一九年四月十五日 CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 67

+86 (010) 6554 2288 信永中和会计师事务所 8北京市东城区朝阳门北大街A 9 telephone:联系电话 ： +86 (010) 6554 2288 号富华大厦 座 层 9/F, Block A, Fu Hua Mansion, No.8, Chaoyangmen Beidajie, ShineWing Dongcheng District, Beijing, +86 (010) 6554 7190 certified public accountants 100027, P.R.China facsimile:传真 ： +86 (010) 6554 7190

Auditor’s Report

XYZH/2019BJA90023 To China Export &Credit Insurance Corporation

1. Opinion We have audited the financial statements of China Export &Credit Insurance Corporation (“SINOSURE”), which comprise the Company’s balance sheet as at 31 December 2018, the Company’s income statement, the Company’s cash flow statement and the Company’s statement of changes in shareholders’ equity for the year then ended, and the related notes to the financial statements.

In our opinion, the accompanying financial statements of SINOSURE present fairly, in all material respects, the Company’s financial position as at 31 December 2018, the Company’s results of operations and cash flows for the year then ended in accordance with Accounting Standards for Business Enterprises.

2. Basis for Opinion We conducted our audit in accordance with China Standards on Auditing for Chinese Certified Public Accountants. Our responsibilities under those standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of SINOSURE in accordance with the Code of Ethics for Chinese Certified Public Accountants, and we have fulfilled our other ethical responsibilities of the code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit.

3. Responsibilities of the Management and Those Charged with Governance for the Financial Statements The Management is responsible for the preparation of the financial statements in accordance with Accounting Standards for Business Enterprises to achieve fair presentation; and designing, implementing and maintaining internal control which is necessary to enable that the financial statements are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Management is responsible for assessing SINOSURE’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Management either intends to liquidate SINOSURE or to cease operations, or have no realistic alternative but to do so.

Those charged with governance are responsible to overseeing SINOSURE’s financial reporting process.

4. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are generally considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 68 2018 中国出口信用保险公司 年度报告

During the course of audit in accordance with auditing standards, we exercise professional judgment and maintain professional skepticism. We also carry out the following works:

(1) Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our audit. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

(2) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of its internal control.

(3) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management.

(4) Conclude on the appropriateness of the Management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on SINOSURE’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements in accordance with the auditing standards or, if such disclosures are inadequate, we shall modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause SINOSURE to cease to continue as a going concern.

(5) Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and also whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings etc., including any significant deficiencies in internal control that we identify during our audit.

ShineWing Certified Public Accountants LLP CICPA Yan Fanqing ：

CICPA Tian Juan ：

China, Beijing 15 April 2019 CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 69

Annals大事记

1 January 月

SINOSURE参加在意大利（罗马）举办的出口信贷国际工作组第十五次全体会议。 attended the plenary session of the 15th Plenary Meeting of International Working Group on Export Credit held in Rome, Italy.

SINOSURE与商务部签署关于建立合作机制的框架协议。 signed the Framework Agreement on Building the Cooperation Mechanism with the Ministry of Commerce.

2 February 月

SINOSURE与伊拉克政府签署谅解备忘录。 signed the Memorandum of Understanding with the government of Iraq.

3 March 月 2018 参加在肯尼亚（基利菲）举办的 年伯尔尼协会春季会议。 SINOSURE attended the 2018 Spring Meeting of Berne Union held in Kilifi, Kenya.

在第十三届全国人民代表大会第一次会议开幕会上，国务院总理李克强在政府工作报告中提 7 4 出 ：扩大出口信用保险覆盖面。这是政府工作报告第 次、也是连续第 年对出口信用保险提出

明确要求。At the first session of the 13th National People’s Congress of the Communist Party of China, Li Keqiang, Premier of the State Council, mentioned in the government’s work report to expand the coverage of export credit insurance. It was for the seventh time and in four consecutive years that “export credit insurance” was explicitly requested in the government’s work report.

4 April 月

SINOSURE与浙江省人民政府签署深化合作协议。 signed the Agreement on Deepening Cooperation with the People’s Government of Zhejiang Province.

SINOSURE与东风集团签署战略合作协议。 signed the Agreement on Strategic Cooperation with Dongfeng Motor Group.

2018 SINOSURE在京举办“ held the年海外项目保后风险管理交流会暨示范会”。 “2018 Overseas Project Post-Insurance Risk Management Exchange and Demo” in Beijing.

在第四届中国海事金融（东疆）国际论坛上，中国信保承保的中航国际租赁有限公司出口香港

At牲畜船售后回租项目荣获中国海事金融“牵星奖”创新奖。 the 4th China Maritime Finance (DFTP) Summit, the livestock vessel sale and leaseback project exported to Hong Kong by CATIC International Leasing Co., Ltd. underwritten by SINOSURE won the “Star” Innovation Award of China Maritime Finance. 70 2018 中国出口信用保险公司 年度报告

Annals大事记

5 May 月 - 与波黑对外贸易和经济关系部签署的合作谅解备忘录纳入第七次中国 中东欧国家领导人会晤

The成果。 Memorandum of Understanding signed between SINOSURE and the Ministry of Foreign Trade and Economic Relations, Bosnia and Herzegovina, was included as an outcome of the Summit of Heads of Government of China and Central and Eastern European Countries.

KSURE SINOSURE与韩国贸易保险公社 and Korea Trade Insurance在韩国釜山举办中韩信保机构第十四届双边业务交流会。 Corporation (K-sure) jointly held the 14th Bilateral Meeting in Busan, Korea.

SINOSURE参加在荷兰（海牙）举办的出口信贷国际工作组第十六次全体会议。 attended the 16th Plenary Meeting of International Working Group on Export Credit held in the Hague, Holland.

2018 SINOSURE成功举办南南合作框架下 successfully held the年发展中国家金融领袖培训项目。 South-South Education Program for Economics and Finance 2018.

SINOSURE与银保监会联合召开扩大出口信用保险保单融资工作会议。 held the Working Conference on Expanding Policy Financing of Export Credit Insurance with CBIRC.

2018 SINOSURE与中国食品土畜进出口商会共同举办 and China Chamber of Commerce of中国信保农产品行业信用风险管理高层论坛。 I/E of Foodstuffs, Native Produce and Animal By-products (CCCFNA) jointly held the 2018 High-level Forum on SINOSURE Agribusiness Credit Risk Management.

6 June 月

SINOSURE与江西省人民政府签署深化合作协议暨中国信保江西分公司揭牌仪式在南昌举行。 signed the Agreement on Deepening Cooperation with the People’s Government of Jiangxi Province and held the opening ceremony of its Jiangxi Branch in Nanchang.

SINOSURE与广西壮族自治区人民政府深化合作签约暨中国信保广西分公司成立仪式在南宁举行。 signed the Agreement on Deepening Cooperation with the People’s Government of Guangxi Zhuang Autonomous Region and inaugurated its Guangxi Branch in Nanning.

2800 MARINE MONEY 承保的出口芬兰 客邮轮型客滚船项目荣获权威海事金融杂志 评选的年度

Export交易“创新项目奖”。 of a 2800-pax ro-ro passenger cruise ship to Finland underwritten by SINOSURE was awarded the Innovation Deals of the Year by the authoritative maritime finance magazine MARINE MONEY.

EXMAR FLNG 承保的惠生（南通）重工有限公司出口比利时 公司 项目荣获国际权威海事杂志 MARINE MONEY Export of FLNG to评选的全球最佳结构化融资项目奖。 the Belgian company EXMAR underwritten by SINOSURE was honored with Global Best Structured Financing Project Award by the authoritative international maritime magazine MARINE MONEY. CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 71

7 July 月 - SINOSURE参加第八届中国 participated中东欧国家经贸论坛相关活动，与匈牙利进出口机构签署合作框架协议。 in the 8th China-CEEC Business Forum and signed the Cooperation Framework Agreement with the EXIM of Hungary.

At在中南两国元首见证下，与南非标准银行签署合作协议。 the witness of heads of China and South Africa, SINOSURE signed the Cooperation Agreement with the Standard Bank of South Africa.

SINOSURE与塞尔维亚同业机构的再保险合作协议正式签署生效。 officially signed the Reinsurance Cooperation Agreement with AOFI, the ECA in Serbia.

At在中科两国元首见证下，王廷科总经理代表公司与科威特石油公司签署框架合作协议。 the witness of heads of China and Kuwait, Mr. Wang Tingke, President of SINOSURE, signed the Framework Agreement on Cooperation with Kuwait Petroleum Corporation.

SINOSURE与缅甸投资者发展协会签署谅解备忘录。 signed the Memorandum of Understanding with Myanmar Investors Development Association.

Hubei湖北省扩大出口信用保险保单融资推进会暨中国信保湖北分公司成立仪式在武汉举行。 Province’s Promotion Conference on Expanding Policy Financing of Export Credit Insurance and the opening ceremony of SINOSURE’s Hubei Branch were held in Wuhan.

8 August 月

SINOSURE与黑龙江省人民政府签署深化合作协议暨中国信保黑龙江分公司揭牌仪式在哈尔滨举行。 signed the Agreement on Deepening Cooperation with the People’s Government of Heilongjiang Province and held the opening ceremony of its Heilongjiang Branch in Harbin.

SINOSURE中国信保湖南分公司成立仪式暨“一带一路”建设出口信用保险政策说明会在长沙召开。 held the inauguration ceremony of its Hunan Branch and the Meeting on the Export Credit Insurance Policies of the BRI Construction in Changsha.

SINOSURE与江苏省人民政府签署深化合作协议。 signed the Agreement on Deepening Cooperation with the People’s Government of Jiangsu Province.

SINOSURE与天津市人民政府签署深化合作协议。 signed the Agreement on Deepening Cooperation with the People’s Government of Tianjin City.

SINOSURE与深圳市人民政府签署战略合作协议。 signed the Agreement on Strategic Cooperation with the People’s Government of Shenzhen City.

SINOSURE与招商银行签署全面业务合作协议。 signed the Agreement on Comprehensive Business Cooperation with China Merchants Bank.

中国信保团委组织对口扶贫县霍邱县宋店乡部分学习成绩优异的贫困学生来京参加“启志新时 The代 信保助你行”青少年夏令营活动。 Youth League committee of SINOSURE provided poverty alleviation assistance to some of students from poor families with outstanding academic performance in Songdian Township, Huoqiu County to participate in the youth summer camp titled “SINOSURE: Together with You in the New Era of Inspiration” in Beijing. 72 2018 中国出口信用保险公司 年度报告

Annals大事记

9 September 月

在中非合作论坛北京峰会期间，分别与加纳财政部、尼日利亚财政部等非洲政府部门或金融机 7 During构签署合作协议 FOCAC, SINOSURE份。 signed seven cooperation agreements with African government departments or financial institutions including the Ministry of Finance of Ghana and the Ministry of Finance of Nigeria respectively.

中非合作论坛北京峰会圆桌会议通过《关于构建更加紧密的中非命运共同体的北京宣言》和《中 2019 2021 非合作论坛－北京行动计划（ － 年）》，出口信用保险被首次作为独立的一项金融工

具纳入行动计划文本。At the round table meeting of FOCAC, the Beijing Declaration Toward an Even Stronger China-Africa Community with a Shared Future and the Forum on China-Africa Cooperation Beijing Action Plan (2019-2021) were passed, in which the export credit insurance was adopted in the action plan as an independent financial tool for the first time.

SINOSURE与国务院国有资产监督管理委员会签署战略合作协议。 signed the Agreement on Strategic Cooperation with the State-owned Assets Supervision and Administration Commission of the State Council.

2017 与国务院发展研究中心在京联合发布《中国出口信用保险公司政策性职能履行评估报告（

SINOSURE年 度 ）》。 jointly published the Policy Function Performance Assessment Report of China Export & Credit Insurance Corporation (2017) with the Development Research Center of the State Council in Beijing.

Sinosure与民生银行签署全面业务合作协议。 signed the Comprehensive Business Cooperation Agreement with Minsheng Bank.

SINOSURE参加在卢森堡（卢森堡市）举办的出口信贷国际工作组第十七次全体会议。 attended the 17th Plenary Meeting of the International Working Group on Export Credit held in Luxembourg.

SINOSURE与巴拿马国民银行签署合作框架协议。 signed the Agreement on Framework Cooperation with the National Bank of Panama.

10 October 月

SINOSURE与国家能源局签署关于协同推进“一带一路”能源合作的框架协议。 signed the Framework Agreement on Jointly Promoting the BRI Energy Cooperation with National Energy Administration.

2018 在法国巴黎举行的 年伯尔尼协会年会的全体会议上，中国信保黄志强副总经理当选伯尔尼

At协会副主席。 the plenary session of the 2018 Meeting of Berne Union held in Paris, Huang Zhiqiang, Vice President of SINOSURE was elected as Vice President of Berne Union.

President王廷科总经理在京出席第一届中日第三方市场合作论坛。 Wang Tingke attended the first China-Japan Third-party Market Cooperation Forum in Beijing. CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 73

与日本贸易保险公司、日本日挥株式会社、三井住友银行分别签署合作协议，并与中信集团、

SINOSURE瑞穗金融集团签署三方合作协议。 signed cooperation agreements with Nippon Export and Investment Insurance, JGC Corporation and Sumitomo Mitsui Banking Corporation respectively, and signed the Tripartite Cooperation Agreement with the CITIC Group and Mizuho Financial Group.

SINOSURE入选国家发展和改革委员会首批综合信用服务试点机构。 was selected in the first group of comprehensive credit service pilot entities by the National Development and Reform Commission.

11 November 月 2018 SINOSURE参加在日本（东京）举办的 participated in the 2018年中日信保机构双边业务交流会。 Sino-Japanese Credit Insurance Company Bilateral Exchange held in Tokyo, Japan.

SINOSURE出任亚洲金融合作协会产业金融合作委员会、首席经济学家专业委员会副主任单位。 acted as the Deputy Director Unit of Industrial Finance Cooperation Committee and Chief Economists and Research Directors Cooperation Committee of the Asian Financial Cooperation Association.

At在中多两国元首见证下，王廷科总经理代表公司与多米尼加财政部签署框架合作协议。 the witness of heads of China and Dominica, President Wang Tingke signed the Agreement on Framework Cooperation with the Ministry of Finance of Dominica.

12 December 月

SINOSURE与厦门市政府签署深化合作协议。 signed the Agreement on Deepening Cooperation with the Xiamen Municipal Government.

2018 与中国机电产品进出口商会在广东顺德成功举办 中国电子家电企业国际化峰会暨电子家电

SINOSURE企业信用风险管理高层论坛。 successfully held the 2018 International Conference for Electronics and Household Appliances Suppliers in China and the High-level Credit Risk Management Forum for Electronics and Household Appliances Suppliers with China Chamber of Commerce for Import and Export of Machinery and Electronic Products in Shunde, Guangdong.

SINOSURE与中国国际贸易促进委员会在京共同主办第十一届中国国际信用和风险管理大会。 jointly organized the 11th China International Credit and Risk Management Conference with China Council for the Promotion of International Trade.

At在中巴两国元首见证下，王廷科总经理代表公司与巴拿马电网公司签署框架合作协议。 the witness of heads of China and Panama, President Wang Tingke signed the Framework Agreement on Cooperation with Panamanian Electric Transmission Company.

SINOSURE与阿根廷国民银行、阿根廷投资外贸银行签署框架合作协议。 signed the Framework Agreement on Cooperation with the Bank of the Argentine Nation and Argentinian Development Bank of Investment and Foreign Trade. 74 2018 中国出口信用保险公司 年度报告

Service服务网络 Network

Headquarters第一营业部 Business Department One Hebei河北分公司 Branch

22 A 926 39 地址 ：北京市西城区丰盛胡同 号丰铭国际大厦 座 室 地址 ：河北省石家庄市长安区中山路 号勒泰中心誉峰 Address: Room 926, Tower A, Fortune Capital International B 19 （ 座）写字楼 层 Centre, No.22 Fengsheng Alley, Xicheng District, Beijing, Address: 19/F, Lerthai Center Yufeng (Block B) Office China Building, No.39 Zhongshan Road, Chang’an District, /Postal code: 100033 Shijiazhuang, Hebei, China 邮编 /Tel: (010) 6658 2692 /Postal code: 050021 电话 邮编 /Fax: (010) 6611 8300 /Tel: (0311) 8992 9927 传真 电话 /E-mail: [email protected] /Fax: (0311) 8992 9988 邮箱 传真 /E-mail: [email protected] 邮箱

Headquarters第二营业部 Business Department Two Shanxi山西分公司 Branch

22 A 936 1 B 13 地址 ：北京市西城区丰盛胡同 号丰铭国际大厦 座 室 地址 ：山西省太原市长风西街 号丽华大厦 座 层 Address: Room 936, Tower A, Fortune Capital International Address: 13/F, Tower B, Lihua Edifice, Centre, No.22 Fengsheng Alley, Xicheng District, Beijing, No.1 West Changfeng Street, Taiyuan, Shanxi, China China /Postal code: 030021 邮编 /Postal code: 100033 /Tel: (0351) 685 6208 邮编 电话 /Tel: (010) 6658 2391 /Fax: (0351) 685 6208 电话 传真 /Fax: (010) 6878 4073/6878 4074 /E-mail: [email protected] 传真 邮箱 /E-mail: [email protected] 邮箱

Headquarters第三营业部 Business Department Three Liaoning辽宁分公司 Branch

22 A 8 2 4 地址 ：北京市西城区丰盛胡同 号丰铭国际大厦 座 层 地址 ：辽宁省大连市中山区中山广场 号万恒商务大厦 层 Address: 8/F, Tower A, Fortune Capital International Address: 4/F, Wanheng Business Building, No.2 Centre, No.22 Fengsheng Alley, Xicheng District, Beijing, Zhongshan Square, Zhongshan District, Dalian, China Liaoning, China /Postal code: 100033 /Postal code: 116001 邮编 邮编 /Tel: (010) 6658 2583 /Tel: (0411) 8282 3331 电话 电话 /Fax: (010) 8306 3121 /Fax: (0411) 8282 0428 传真 传真 /E-mail: [email protected] /E-mail: [email protected] 邮箱 邮箱

Tianjin天津分公司 Branch Heilongjiang黑龙江分公司 Branch

1 1 27-28 10 2 5-6 地址 ：天津市和平区滨江道 号金之谷大厦 号楼 层 地址 ：哈尔滨市香坊区华山路 号万达广场 号楼 层 Address: 27-28/F, Building 1, Jinzhigu Mansion, No.1 Address: 5-6/F, Building 2, Wanda Square, No.10 Binjiangdao, Heping District, Tianjin, China Huashan Road, Xiangfang District, Harbin, China /Postal code: 300041 /Postal code: 150090 邮编 邮编 /Tel: (022) 2346 6900 /Tel: (0451) 8231 3326 电话 电话 /Fax: (022) 2346 6911 /Fax: (0451) 8231 8116 传真 传真 /E-mail: [email protected] /E-mail: [email protected] 邮箱 邮箱 CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 75

Shanghai上海分公司 Branch Anhui安徽分公司 Branch

428 4 200 地址 ：上海市浦东新区杨高南路 号由由世纪广场 号楼 地址 ：安徽省合肥市政务区怀宁路 号置地广场柏悦中 Address: Building 4, YouYou Century Place, 16-17 心 层 No.428 South Yanggao Road, Pudong New Area, Shanghai, Address: 16-17/F, Baiyue Centre, Zhidi Square, No.200 China Huaining Road, Zhengwu District, Hefei, Anhui, China /Postal code: 200127 /Postal code: 230022 邮编 邮编 /Tel: (021) 6330 6030 /Tel: (0551) 6512 1703 电话 电话 /Fax: (021) 6330 5980 /Fax: (0551) 6268 1863 传真 传真 /E-mail: [email protected] /E-mail: [email protected] 邮箱 邮箱

Jiangsu江苏分公司 Branch Fujian福建分公司 Branch

230 3 70 25 地址 ：江苏省南京市建邺区江东中路 号华泰证券广场 号 地址 ：福建省福州市台江区振武路 号福晟钱隆广场 层 5-6 Address: 25/F, Fu Sheng Qian Long Square, 70 Zhenwu 楼 层 Address: 5-6/F, Building 3, Huatai Security Square, No.230 Road, Taijiang District, Fuzhou, Fujian, China Middle JiangDong Road, Jianye District, Nanjing, Jiangsu, /Postal code: 350003 邮编 China /Tel: (0591) 2848 6788 电话 /Postal code: 210019 /Fax: (0591) 8787 2736 邮编 传真 /Tel: (025) 8446 7829 /E-mail: [email protected] 电话 邮箱 /Fax: (025) 8446 8237 传真 /E-mail: [email protected] 邮箱

Zhejiang浙江分公司 Branch Xiamen厦门分公司 Branch

2-6 • 82 14 地址 ：浙江省杭州市江干区庆春东路 号金投 金融大厦 地址 ：福建省厦门市展鸿路 号厦门国际金融中心 层 18-20 Address: 14F, Xiamen International Financial Center, 层 Address: 18-20/F, Gold Investment & Finance Mansion, No.82 Zhanhong Road, Xiamen, Fujian, China No.2-6 East Qingchun Road, Jianggan District, Hangzhou, /Postal code: 361008 邮编 Zhejiang, China /Tel: (0592) 226 1808 电话 /Postal code: 310016 /Fax: (0592) 226 1809 邮编 传真 /Tel: (0571) 2803 6700 /E-mail: [email protected] 电话 邮箱 /Fax: (0571) 8577 4615 传真 /E-mail: [email protected] 邮箱

Ningbo宁波分公司 Branch Jiangxi江西分公司 Branch

901 1 1198 地址 ：浙江省宁波市鄞州区宁东路 号报业传媒大厦 号楼 地址 ：江西省南昌市红谷滩新区丰和中大道 号中江国 9 12 楼 际大厦 层 Address: 9/F, Building 1, Newspapter Media Mension, Address: 12/F, Zhongjiang International Building, No.901, Ningdong Road, Yinzhou District, Ningbo, Zhejiang, No.1198 Fenghezhong Avenue, Honggutan New China District, Nanchang, Jiangxi, China /Postal code: 315043 /Postal code: 330038 邮编 邮编 /Tel: (0574) 8734 1066 /Tel: (0791) 8665 5566 电话 电话 /Fax: (0574) 8734 8597 /Fax: (0791) 8671 1197 传真 传真 /E-mail: [email protected] /E-mail: [email protected] 邮箱 邮箱 76 2018 中国出口信用保险公司 年度报告

Service服务网络 Network

Shandong山东分公司 Branch Guangdong广东分公司 Branch

195 3 6 5 地址 ：青岛市崂山区香港东路 号 号楼青岛上实中心 层 地址 ：广东省广州市天河区珠江新城珠江西路 号广州国际 603/604 7 8 28 单元、 层整层和 层整层 金融中心 层 Address: Rm 603-604, 7/F, 8/F, Building 3, Qingdao Address: 28/F, International Financial Center, No.5 Shangshi Center, No.195 East Hongkong Road, Laoshan West Zhujiang Road, Zhujiang New City, Tianhe District, District, Qingdao, Shandong, China Guangzhou, Guangdong, China /Postal code: 266000 /Postal code: 510623 邮编 邮编 /Tel: (0532) 8870 9058 /Tel: (020) 3719 8000 电话 电话 /Fax: (0532) 8870 9679 /Fax: (020) 3879 2868 传真 传真 /E-mail: [email protected] /E-mail: [email protected] 邮箱 邮箱

Henan河南分公司 Branch Shenzhen深圳分公司 Branch

8 13 1018 34 地址 ：河南省郑州市郑东新区商务外环路 号世博大厦 层 地址 ：广东省深圳市福田区华富路 号中航中心 层、 Address: 13/F, Expo Mansion, No.8 Shangwu Waihuan 33 01-03 07-08 层 、 单元 Road, Zhengdong New District, Zhengzhou, Henan, China Address: 01-03 Units & 07-08 Units of 33/F, 34/F, /Postal code: 450008 Zhonghang Center, No.1018 Huafu Road, Futian District, 邮编 /Tel: (0371) 6558 5768 Shenzhen, Guangdong, China 电话 /Fax: (0371) 6558 5448 /Postal code: 518000 传真 邮编 /E-mail: [email protected] /Tel: (0755) 8832 5600 邮箱 电话 /Fax: (0755) 2399 6478 传真 /E-mail: [email protected] 邮箱

Hubei湖北分公司 Branch Guangxi广西分公司 Branch

8 20 34 C 地址 ：湖北省武汉市江汉北路 号金茂大楼 层 地址 ：广西南宁市双拥路 号广西新谊金融投资大厦 座 Address: 20/F, Jinmao Mansion, No.8 North Jianghan 23 25 、 层 Road, Wuhan, Hubei, China Address: 23/F, 25/F, Block C, Xinyi Financial Investment /Postal code: 430015 Building, No.34 Shuangyong Road, Nanning, Guangxi 邮编 /Tel: (027) 8556 6066 /Postal code: 530021 电话 邮编 /Fax: (027) 8556 6008 /Tel: (0771) 553 5650 传真 电话 /E-mail: [email protected] /Fax: (0771) 553 5893 邮箱 传真 /E-mail: [email protected] 邮箱

Hunan湖南分公司 Branch Sichuan四川分公司 Branch

1500 25 8 2 21-22 地址 ：湖南省长沙市开福区湘江大道 号北辰时代广场 楼 地址 ：四川省成都市顺城大街 号中环广场 座 层 Address: 25/F, Beichen Times Square, No.1500 Xiangjiang Address: 21-22/F, Tower 2, Plaza Central, No.8 Road, Kaifu District, Changsha, Hunan, China Shuncheng Street, Chengdu, Sichuan, China /Postal code: 410018 /Postal code: 610016 邮编 邮编 /Tel: (0731) 8592 9100 /Tel: (028) 8665 2181 电话 电话 /Fax: (0731) 8592 9121 /Fax: (028) 8665 2181 传真 传真 /E-mail: [email protected] /E-mail: [email protected] 邮箱 邮箱 CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2018 77

Yunnan云南分公司 Branch Xinjiang新疆分公司（筹） Branch (in preparation)

155 1 23 888 地址 ：云南省昆明市北京路 号附 号红塔大厦 层、 地址 ：新疆乌鲁木齐市水磨沟区红光山路 号绿城广场 25 9 1 层 栋 号 Address: 23/F & 25/F, Hongta Mansion, 1# No.155 Address: No.1, Building 9, Lvcheng Square, No.888, Beijing Road, Kunming, Yunnan, China Hongguangshan Road, Shuimogou District, Urumqi, /Postal code: 650011 Xinjiang, China 邮编 /Tel: (0871) 6317 3683 /Postal code: 830017 电话 邮编 /Fax: (0871) 6351 8345 /Tel: (0991) 353 0950 传真 电话 /E-mail: [email protected] /Fax: (0991) 295 0802 邮箱 传真 /E-mail: [email protected] 邮箱

Shaanxi陕西分公司 Branch London伦敦代表处 Representative Office

22 18 /Address: 85 Gresham Street, London, EC2V 7NQ, UK 地址 ：陕西西安市莲湖区唐延路北段 号金辉国际广场 层 地址 Address: 18/F, Jinhui International Plaza, No.22 North /Tel: +44(20)-37059200 电话 Tangyan Road, Lianhu District, Xi’an, Shaanxi, China /E-mail: [email protected] 邮箱 /Postal code: 710061 邮编 /Tel: (029) 8132 2002 电话 /Fax: (029) 8132 1263 传真 /E-mail: [email protected] 邮箱

Chongqing重庆营业管理部 Business Office

56 4 22 地址 ：重庆市渝中区瑞天路 号企业天地 号楼 层 Address: 22 Floor, Building 4, Business World, No.56 Ruitian Road, Yuzhong District, Chongqing, China /Postal code: 400043 邮编 /Tel: (023) 6361 3729 电话 /Fax: (023) 6310 7200 传真 /E-mail: [email protected] 邮箱