Wuxi Suntech Power Co., Ltd. has recently received a visit by the shareholding directors of China Export & Credit Insurance Corporation (SINOSURE) and the general manager of SINOSURE Jiangsu.
SINOSURE leaders first visited the Suntech Low Carbon Concept Museum and learnt about the development history of the photovoltaic industry as well as the achievements made by Suntech during its 19-year engagement in this industry. Suntech has enjoyed a positive development momentum in recent years, as the Company entered into 1.8GW of sales contracts with multiple major clients from home and abroad. In the first half of 2019, Suntech recorded a 43% increase in module shipments compared with the same period of last year, and a historic new high of 490MW in single-month shipment in June. In terms of revenue, Suntech witnessed a 25% year-on-year surge in revenue from the previous year, coupled with decent operating efficiency and asset-liability ratio.
In subsequent discussions, SINOSURE directors recognized Suntech as a core client of SINOSURE for insurance coverage since the start of their cooperation in 2008. In particular, with regards to the cooperation on special insurance products in recent years, Suntech has been seen with steadily improving corporate risk management based on the whole-process control of projects and individual review of each key document, which has also enhanced SINOSURE's confidence in granting credit to Suntech.
He Shuangquan, president of Wuxi Suntech Power Co., Ltd., expressed his gratitude towards SINOSURE for its years of attention and care to Suntech. Confronted with a complex macro picture, Suntech is proactive in promoting its management reform, comprehensive cost control and refined management, all in an effort to boost its core competitiveness; during our continuous optimization and adjustment, we have never stopped the pursuit of high quality. Going forward, Suntech will continue to strengthen its close ties with SINOSURE and keep improving its corporate risk control capability.
China Export & Credit Insurance Corporation ("SINOSURE") is the only policy-driven insurance company engaged in the export credit insurance business in China. SINOSURE provides such service as insurance coverage for foreign trade and investment cooperation, to facilitate foreign economic and trade development. The insurance provider emphasizes on supporting the export of cargo, technology and service, particularly that of such cargo goods as high-tech, high added-value electromechanical products, to drive economic growth, employment and international payment balance. Suntech launched stable and efficient cooperation with SINOSURE in 2008, involving short-term insurance and special insurance.