Mizuho Financial Group, Inc. (President & CEO: Tatsufumi Sakai), CITIC Group Corporation (CITIC), and China Export Credit Insurance Corporation (Sinosure) have concluded a memorandum of understanding (MOU) for business cooperation for the purpose of trilateral cooperation in markets outside their home countries.
At the Japan–China summit meeting held on May 9, 2018, both countries agreed to pursue economic cooperation in markets outside Japan and China, in addition to bilateral cooperation. There is also growing momentum among private companies to pursue this kind of cooperation.
Our MOU with CITIC and Sinosure will enable us to enhance our services to companies entering markets or expanding their businesses in China and other Asian countries. Specifically, by collaborating with CITIC and Sinosure, we will be able to provide our clients with the latest local economic and business information as well as with a range of financial services, including trade finance and project finance.
Through this MOU, we will provide more tailored support to each of our clients in order to meet their business expansion needs, and thereby contribute to the development of the Chinese economy and neighboring economies.
China International Trust and Investment Corporation (CITIC) was established in October 1979 to serve as a bridge between China and the rest of the world. It is one of the most prominent state–owned conglomerates in China. Its business areas span financial services such as banking, securities, trust, insurance, and funds, as well as non–financial services such as real estate, construction, infrastructure, energy, manufacturing, and information and telecommunication. CITIC has continuously appeared in the Fortune Global 500 since 2009 and rose to 149th in 2018.
China Export Credit Insurance Corporation (Sinosure) is wholly state–owned and is China's only public trade insurance company. Its main business is providing trade insurance and investment insurance to Chinese companies (including foreign subsidiaries located in China) for their export and overseas investment.