MILAN, Jul 10 (Class Editori) – Creating new business opportunities in China and in Third countries should be the focus of the new cooperation agreement signed on July 10th in Milan between Sace and its Chinese counterpart, China Exim Bank. According to MF-Milano Finanza, the MoU figures among the propositions up for discussion during the Italy-China financial forum, running on the same day. Another agreement in the works is that between Ivass and the regulatory commission of the Chinese banking and insurance system, regarding companies supervision.
The event takes place not even three months after the signing of the cooperation agreement between Italy and China on the New Silk Road. Rome has all the intent of evening its trade deficit out and does not hide it, since it managed to peak at 18 billion in 2018. Thus, the purpose of the forum – opened by CDP (Italian Deposit and Consignment) CEO Fabrizio Palermo and by Liu Liange, the new President of Bank of China – is that of leveling the playing field.
Among its several objectives: facilitating the opening of China’s financial system while promoting the operations of Italian financial institutions and insurance companies; supporting Italian companies in increasing their market share, involving them in projects along the BRI – which Beijing has committed to make more environmentally, financially and socially sustainable.
Sace’s agreement finds its place within this framework, as the document traces over the one already signed with Sinosure – the Chinese export credit company. It involves a reinsurance agreement for the promotion of operations of mutual benefit through a risk sharing platform, focused on exports and on the realization of strategic projects in geographic areas of commercial interest for both countries.
As for China Exim Bank, they are driven by similar intentions – promoting exports and cooperation, also in countries touched by the New Silk Road. For example, a Chinese company operating with the support of China Exim, which may be in need of suppliers, could make use of Sace’s suggested names, as well as of the insurance and support product packages offered by the CDP subsidiary.
The MoU could also bring immediate concrete results. According again to MF-Milano Finanza, some tailor-made projects are already under discussion. The cooperation fields should be the petrochemical, infrastructural and aviation sectors.
(Source:Class Editori)
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