As an important move to promote the steady development of foreign trade, Putuo district in Shanghai signed a strategic cooperation agreement with the Shanghai branch of China Export & Credit Insurance Corporation, also known as SINOSURE,  on May 21.

According to Jiang Dongdong, deputy secretary of Putuo district Party committee, the cooperation will be of great significance in promoting the transformation, upgrading and steadying growth of Putuo's foreign trade.

Jiang said he hopes that the two sides can work together to help regional enterprises avoid the risk of foreign exchange receipts from exports and to improve their decision-making ability.

SINOSURE has long played an important role in promoting the stability of Putuo district's foreign trade. With SINOSURE's support, the export insurance coverage of enterprises in Putuo has increased significantly.

In 2019, the China National Building Materials Group Corporation in Putuo district successfully recovered $61.38 million in arrears from overseas projects with  SINOSURE's assistance.

The overall economy of Putuo district has maintained steady growth in recent years. After the outbreak of the COVID-19 pandemic this year, the district commission of commerce has helped solve many problems in the production and operation of local enterprises.