According to recent data from the General Administration of Customs, in December 2019, the country's overall import customs clearance time was 36.7 hours, down 62.3% from 2017; the overall export customs clearance time was 2.6 hours, a reduction of 78.6% compared to 2017; and the “customs clearance time reduced by half compared to 2017” task required in the “Work Plan on Optimizing the Port Business Environment and Facilitating Cross-border Trade” issued by the State Council in 2018 was completed two years ahead of schedule.
The achievement of this goal is inseparable from the General Administration of Customs's policy measures to actively push forward the reform of the tariff guarantee mechanism, encourage enterprises to replace security deposits through tariff guarantee insurance, reduce customs clearance costs, and improve customs clearance efficiency. On September 1, 2018, China's tariff guarantee insurance pilot policy was officially introduced. According to statistics, since the launch of the pilot tariff guarantee insurance business, a total of 25,000 insurance policies have been issued, providing insurance services and guarantees for more than 137 billion dollars in taxes.
China People's InsuranceAs one of the three insurance entities in the first batch of pilots, financial insurance has so far issued a total of about 16,000 insurance policies, more than 1,600 insurance companies, and guaranteed taxes of more than 45 billion yuan, contributing to deepening the reform of China's tariff guarantee system and optimizing the port business environment. The People's Insurance and Financial Insurance business has been fully issued by 36 provincial branches, including Tibet, and is ranked first in the market in terms of the number of insurances and the amount covered.
In the process of starting a business, People's Insurance Financial Insurance has formed some typical experiences and business models unique to its own. The first is a model of joint promotion between government and enterprise. The second is a package service model for existing customers. The third is the underwriting model for industries with regional characteristics. China is a vast region. The economic characteristics of different regions are different, and the distribution of industries also has its own focus. People's Insurance Financial Insurance takes advantage of its network coverage up to counties, adapts to local conditions, focuses on the expansion of industries with regional characteristics, and continues to expand the breadth of coverage within the industry in a step-by-step manner.
People's Insurance and Financial Insurance believes that tariff guarantee insurance is still in the early stages of the pilot, and the market opportunities are very broad. In 2020, the company will actively cooperate with the implementation of the “two-step declaration” pilot project of the General Administration of Customs, continue to vigorously promote tariff guarantee insurance business throughout the country, continue to improve customs clearance efficiency for importing enterprises, help optimize the port business environment, and ensure national tax security. At the same time, it will also further improve the risk control mechanism, and cooperate with government departments such as the General Administration of Customs and the Banking Insurance Regulatory Commission to establish and improve a punishment mechanism for untrustworthy enterprises as soon as possible, join forces with all parties to strengthen the collection and recovery of untrustworthy enterprises, create a healthier external environment for the development of tariff guarantee insurance business, and give full play to the role of tariff guarantee insurance in assisting the reform of customs tax guarantee mechanisms.