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Trade Financing for SMEs

Kelvin AuHead of SME Business

HSBC (China) Limited

Trade Financing for SMEsTrade Financing for SMEs

中小企业贸易融资

June 2009, Shanghai

Kelvin Au, Head of Business Banking Commercial BankingHSBC Bank (China) Company Limited

Kelvin Au ，汇丰银行（中国 ) ）工商金融服务部企业银行经理

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Growth in International Trade 国际贸易增长

• International trade has been growing fast in the last decade, although a little retreat is expected after the recent global financial crisis. 最近的全球金融危机导致贸易额小幅缩水；但是过去十年来，国际贸易一直在快速增长。

 (Billion dollars)十亿美元 2001 2002 2003 2004 2005 2006

Exports ASEAN 东盟出口 387.6 407.4 474.8 568.9 655.2 770.0

Exports World 全球出口 6,187.0 6,487.0 7,580.0 9,210.0 10,472.0 12,083.0

Trade Volume Export 2001-2006

0100200300400500600700800900

2001 2002 2003 2004 2005 2006

02,0004,0006,0008,00010,00012,00014,000

Exports ASEAN

Exports World

2001-2006 年的出口贸易额

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Growth in Open Account Trade 记账贸易的增长• More big buyers emerged along the way and open account trade has become more common in

international trade. The trend is reflected partly in the growth in factoring volume. 众多大买家的出现，使记账贸易在国际贸易中越来越常见。保理业务量的增长也反映了这一趋势。

The Growth of Factoring Volume in Asia 亚洲保理业务量的增长

Asia (in EUR m)亚洲（百万欧元） 2000 2001 2002 2003 2004 2005 2006

China 212 1,234 2,077 2,640 4,315 5,830 14,300

Hong Kong 2,400 2,690 3,029 3,250 4,800 7,700 9,710

Indonesia 3 0 1 1 0 1 50

India 470 690 1,290 1,615 1,625 1,990 3,560

Japan 58,473 61,566 50,380 60,550 72,535 77,220 74,530

Malaysia 585 842 610 718 730 532 480

Singapore 2,100 2,480 2,600 2,435 2,600 2,880 2,955

South Korea 115 85 55 38 32 850 850

Taiwan 3,650 4,511 7,919 16,000 23,000 36,000 40,000

Thailand 1,268 1,240 1,274 1,425 1,500 1,640 1,925

Vietnam 0 0 0 0 0 2 16

Total 69,276 75,338 69,235 88,672 111,137 134,645 148,376

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Implications to SMEs in Asia Pacific as Suppliers对亚太地区作为供应商的中小企业的启示• Financing: Without Letters of Credit (L/Cs) and other documentary trade

instruments, SMEs have to rely more on balance-sheet strength and collateral to obtain bank finance.融资：由于缺乏信用证和其它单证贸易工具，中小企业得更多地依赖资产负债表的实力和抵押品来获得银行融资。

• Collection and ledger management: Documentary trade is settled through banks with clearly stipulated responsibilities. However, final settlement of open account trade relies more on SMEs’ capabilities in managing receivables.托收与总账管理：单证贸易通过银行来结算，双方责任有明确界定。记账贸易的最终结算，则更多地依赖中小企业管理应收帐款的能力。

• Buyer risk: Payments are not guaranteed even if a supplier has duly performed its duty (unless it is payment in advance).

买家风险：即便供应商充分履行了其职责，也不能保证付款（除非是预付款）。

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Implications to Trade Financing for SMEs对中小企业贸易融资的启示• Cash Flow financing vs Balance Sheet financing

现金流融资 VS 资产负债表融资• Knowledge in trade finance is waning among SMEs and some local banks (some

even do not see trade finance as bank lending)中小企业和一些地方银行对贸易融资的了解在逐渐减少（一些人竟认为贸易融资不属于银行贷款）。

• Open account trade is less structured and leads to lower appetite for banks to finance due to risk concern, especially to SMEs who are weak in corporate governance and in weathering economic downturn记账贸易不够规范，再加上风险因素，致使银行融资的兴趣减弱，尤其是治理结构差、难以走出经济低迷期的中小企业。

• Trade finance needs to be in different forms under documentary trade and open account trade, requiring investment in staff training, customer education and systems在单证贸易和记账贸易下，贸易融资还可以多种形式呈现，因而需要在员工培训、客户教育和融资体系方面加大投入。

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Different forms of trade finance 贸易融资的多种形式

• Under Documentary Trade: 单证贸易：

Importing side进口方

▪ L/C issuing 开出信用证 ▪ Inward DA/DP bill financing 进口承兑交单 / 付款交单票据融资

▪ Loan against Imports 进口贷款 ▪ Packing Credit 打包信用证

▪ Red-clause L/C 红条款信用证

Exporting side出口方

▪ L/C negotiation 信用证议付 ▪ DA/DP bill discounting 承兑交单 / 付款交单票据贴现

• Under Open Account Trade: 记账贸易：Importing side进口方

▪ Clean Import Loan (usually against purchase order) 净进口贷款（通常针对采购订单）

Exporting side出口方

▪ Factoring 保理

▪ Invoice Financing (with different variations) 发票融资（多种变异）

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The Importance of Promoting Trade Financing促进贸易融资的意义

• Making international trade easier to SMEs and allowing more new start-ups to participate in international trade使中小企业更容易参与国际贸易，允许更多的初创企业参与国际贸易。

• Trade financing helps banks develop a complete picture of SME customers’ trade pattern, which would help long-term relationship development between banks and SMEs贸易融资使银行对中小企业客户的贸易模式有全方位的了解，帮助银行和中小企业建立长期关系。

• Trade financing encourages a more stable relationship between suppliers and buyers because trade finance tend to be less transactional and buyers and suppliers are always identified贸易融资有助于供应商和买方之间建立更稳定的关系，因为贸易融资的交易性要弱一些，而且买卖双方通常是确定的。

• Less pressure in arranging unstructured revolving loans to SMEs in general 在给中小企业安排非结构化循环贷款上面临更小的压力

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How to Promote Trade Financing? 如何促进贸易融资？

• Ongoing education to enhance SMEs’ knowledge in documentary trade, e.g. information on UCP600, URC522, etc.对中小企业进行持续教育，来增加它们对单证贸易的了解，如有关 UCP600, URC522 的信息等。

• Discouraging banks to provide unstructured revolving loans without considering alternatives鼓励银行在给中小企业提供非结构化循环贷款之前，多考虑其他选择方案。

• Government and banks should promote factoring to more SMEs and support development of this financing mode with appropriate policies政府和银行应给更多的中小企业提供保理，并用适当的政策来支持这种融资模式。

• Government and banks can line up large companies to support suppliers (SMEs) in getting trade finance (not necessarily through guarantee)政府和银行可以联合大公司来支持供应商（中小企业）获得贸易融资（不一定通过提供担保）。

• Promoting export credit insurance出口信用保险

• Government should consider providing guarantee on eligible SMEs in obtaining trade finance政府应考虑为符合条件的中小企业提供担保以帮助它们获得贸易融资。

• Promoting stronger corporate governance among SMEs, e.g. preparation of audited accounts, account receivables management, etc

加强中小企业的公司治理，例如，经审核的账目编制，应收账户管理等。

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- Thank you -