Receivables Finance & Protection

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1 Receivable management in China Receivables Finance & Protection General Management / Jens Hoter / / Page 1 of 14

2 Index General Environment in China Present Market Protection Business Receivables Finance Business Opportunities and Challenges Coface Strategy General Management / Jens Hoter / China very close/ Page 2 of 13

3 General Environment (1) RMB billions 35, China GDP and Growth Rate 12.0% 30,000 25,000 20,000 15,000 15,988 GDP GDP grow th rate 21,087 18,232 24,662 30, % 8.0% 6.0% 10, % 5, % % Source: National Bureau of Statistics No. 3 economy worldwide with 1,332M population. GDP reached US$4,402 billion in A3 / Business climate rating: B / Medium term rating: low risk Economic growth by double digit and peak at 11.4 % in For 2008 and Q1 2009, the growth rate were 9% and 6.1% respectively. General Management / Jens Hoter / China very close/ Page 3 of 13

4 General Environment (2) Total export and import reached US$1,317 billion and US$1,061 billion respectively up to November nd largest exporter in the world with major export markets are European Union (20.5%), U.S.(17.7%) and Hong Kong (13.4%, for essentially re-exports) in Currency used is Yuan or Renminbi (CNY) Foreign currency regulations were eased in July 2005 and the currency revalued against the dollar. Yuan rose by ~6.4% against dollars since the beginning of 2007, a further 3.6% up to March 2008 and remained relatively stable since then. General Management / Jens Hoter / China very close/ Page 4 of 13

5 General Environment (3) /10 Export Markets USD billions 1,400 1,200 1, ,218 1, /10 EU USA Hong Kong ASEAN Japan ROK India Russia Taiw an United Arab Emirates Canada Australia Others Source: M OFCOM Exports and Imports in China Euro millions Factoring Volume in China USD billions 1,400 1,200 1,000 Exports Imports 35,000 30,000 25,000 Domestic International 30, , ,000 16,650 16, ,000 12, /11 Source: MOFCOM 10,000 5,000 3,555 4, ,680 2, Source: 1 around 10.7% through FCI General Management / Jens Hoter / China very close/ Page 5 of 13

6 Present Market (1) Chinese companies focus more on risk management after 20 years of emphasis on top line revenue growth. Economic crisis has encouraged and accelerated the process. A large number of exporters in China are under financial pressure resulted from reduced orders and delayed payment of credit accounts. General Management / Jens Hoter / China very close/ Page 6 of 13

7 Present Market (2) Chinese exporters are facing strong competition from foreign companies which are affected by devaluation of local currency and, thus, can provide better export price. The State Council released a series of preferential policies in late May 2009 in order to reduce export risk, including enhancing export credit insurance application coverage, arranging US$84 billion for export credit insurance, reducing premium written rates, etc. Cheaper export credit insurance would ease exporters payment risks and improve their financing. This has contributed to development of protection and receivables finance products. Both of them are developing in a fast pace as a standalone or packaged product. General Management / Jens Hoter / China very close/ Page 7 of 13

8 Protection Business (1) Highly regulated business under China Insurance Regulatory Commission (CIRC) Export insurance: Export credit insurance coverage on China s general export trade is about 3.2% in Penetration is low. Only available from the state-owned company China Export & Credit Insurance Corporation (also known as Sinosure) Sinosure was set up by the government in 2001, with the mandate to promote exports and cross-border investments through export credit and investment insurance. General Management / Jens Hoter / China very close/ Page 8 of 13

9 Protection Business (2) Domestic insurance: People s Insurance Company of China «PICC» (government owned) Other major players include localforeign cooperation e.g. Ping An Coface (as the market leader), General Management / Jens Hoter / China very close/ Page 9 of 13

10 Receivables Finance Business (1) Receivables can be accepted as collaterals since October 2007 by law. Factoring business in China are mostly conducted by banks Coface operates through Natixis General Management / Jens Hoter / China very close/ Page 10 of 13

11 Receivables Finance Business (2) Non-Banking Factoring Not under any regulatory body specific for factoring business mostly pushed by foreign players registered in China not as a financial institution but as a general industrial & commercial entity Only 3 companies are officially registered and accepted as factoring services providers, all established in Tianjin i.e. Since 2006, the central government has placed Binhai District of Tianjin on the list of «National Synthetically Reform Testing Districts». The Tianjin local government welcomes foreign players to set up factoring companies in Tianjin and provides great support to company registration with tax incentives. General Management / Jens Hoter / China very close/ Page 11 of 13

12 Coface solution for export factoring Client (in PRC) Invoice (with settlement instruction to Collection Account) In PRC Outside PRC Natixis Shanghai (Export Factor) Offer Letter Factoring Agreement Bank Authorization (Natixis to operate the Collection A/C on Client s behalf) Memorandum of Understanding Inter-Factor Agreement Operational Manual Agency Agreement (Client acting as undisclosed agent of Import Factor for receivable management) Coface Greater China Finance (Import Factor) Buyers (outside PRC) General Management / Jens Hoter / China very close/ Page 12 of 13

13 Opportunities and Challenges Great Opportunities Strong and increasing need for protection and financing business with huge potential in long run Challenges Legal framework, banking and finance rules need improvements to support long term healthy development of factoring Availability, transparency and consistency of credit information on companies in China to support quality underwriting of ceding risk and buyer risk Refinancing source to ensure reliability and competitive pricing Establishment in receivable management capability for domestic market Establishment of separate non-bank factoring companies General Management / Jens Hoter / China very close/ Page 13 of 13

14 Your contact partner We are at your disposal for further information: Jens Hoter General Management / Jens Hoter / China very close/ Page 14 of 13

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