Correspondence Wu Jianfen
2011 Corporate Social Responsibility Report of Zhongrui Guarantee in both Chinese and English versions were recently released in Beidaihe, a famous resort in China. Its release was at the critical point when the global economy has long remained vulnerable and fragile in the post-financial-crisis. Against the backdrop, Zhongrui Guarantee (“the Company”) bears in mind that “credit is capital”. Based on its credit culture philosophy, namely “economy promotion and risk control for a harmonious society”, it is committed to create new credit transaction models so as to vitalize credit value and to make credit capital the source of a happy society.
Guarantee Organizations in Yuhang District arises at the juncture when local industrial economy encountered the difficulties in financing. A handful of guarantee companies, however, deviated from guarantee business, putting aside “trustworthiness” in operation and resulting in “crisis”. The Company was established during the period of post-financial-crisis and has been firmly stick to “trustworthiness”, essence of guarantee industry. Its understanding of “credit is capital” leads itself to being a professional, top branding entity, enabling it to assume the responsibility of building industry –economy-oriented Yuhang. And following this corporate ethics, it compiled China’s first ever Model Text of System Construction for Financing Guarantee Companies. The book was approved by experts and launched by Zhejiang Provincial Credit and Guarantee Association.
Small businesses and start-ups account for 99% of the total economy in Yuhang. With no pledge and higher risks in joint guarantee with other firms, financing presents a big problem to them. However, it is the truth that a business shall develop from small to big, from weak to strong. The Company is willing to provide guarantee services to such businesses as long as they are trustworthy because it believes in “credit is capital”. After several rounds of research and analysis, the first financial service company in Yuhang, Hangzhou Zhongrui Financial Service Co., Ltd was formed and a series of new guarantee services have been presented. Zhongrui Financial becomes another loop in the Company’s industrial chain, supporting realization of its dream “China Wisdom Boosts Our Development”. Statistics show that 308 clients have been offered the guarantee services in their development.
There are hundreds of thousands of small businesses in Hangzhou Agricultural and Sideline Products Markets located in Liangzhu Subdistrict, Yuhang. The businesses there are in great need of floating capital for development. Zhongrui Guarantee therefore presents Yinqibao Guarantee Service to them in joint effort with China Zheshang Bank featuring their goods in stock as pledge for a bank loan. Zhongrui Guarantee functions both as a guarantee entity and stock monitor. About over ten businesses have been provided the service and got loans. Furthermore, this original transaction model securing multi-wins among banks, businesses and guarantee companies arouses interest from many other banks.
Zhongrui Guarantee aims to grow based on the corporate ethics “Credit is Capital”. Up to now, its credit has been rated “A” level; it has been awarded “an Advanced Financing Guarantee Company in Yuhang District”, one of “the Most Honorable Financing Guarantee Companies with the Sense of Social Responsibility of 2011 in Zhejiang”. And President Shen was awarded as one of “the Leaders in Guarantee Sector in Zhejiang” and ”one of “the Most Honorable Workers Promoting Social Responsibility in Zhejiang Financing Guarantee Industry in 2011”. It has now been on the track of sound progress since it establishment in November, 2010 with the goal of annual guaranteed loan reaching 1 billion RMB after three years’ growth.