月份：2022年2月

CITF-TOPIC 11- Understanding supply chains 学习笔记

11.2 了解供应链-Understanding supply chains

To understand how supply chains are financed it is important that you first learn about the operation of the physical supply chain and can identify the roles played by the main parties involved.重点了解：运作 theoperation of the physical supply chain

A supply chain involves multiple entities who will interact and play their role in the sourcing,manufacturing, production and distribution of goods. It is likely that most parties will be both a buyer and a seller and each will have an interdependency on the other.（供应链涉及多个实体，这些实体将在采购中互动并发挥其作用，商品的制造、生产和分销。很可能大多数参与者同时是买方和卖方，相互依存。）

Supply chains, whether simple or complex, work on the basis of collaboration between the different entities in the chain. Their importance in the supply chain will be governed by where they are placed in the chain and the level of contribution they are expected to make for the chain to work. Somemay be major corporations, while others may be small and medium‑sized enterprises (SMEs). Each will have their own needs and requirements that have to be considered if the supply chain is going to work effectively.（供应链，无论是简单的还是复杂的，都是在链中不同实体之间协作的基础上工作的。它们在供应链中的重要性将取决于它们在供应链中的位置以及它们为供应链工作做出的贡献水平。有些可能是大公司，有些可能是中小型企 （SME）。每个都有自己的需求和要求，如果供应链要有效运作，就必须考虑这些需求和要求。）

了解更多：
11.2.1 The physical supply chain
11.2.2 The financial supply chain
11.2.3 The information supply chain
11.2.4 The relationship between the physical and financial supply chain I
11.2.4 The relationship between the physical and financial supply chain II
11.2.4 The relationship between the physical and financial supply chain III

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CITF-TOPIC 11- Differences between trade finance and supply chain finance 学习笔记

11.1.2 贸易融资和供应链金融之间的差异-Differences between trade finance and supply chain finance

对比：与贸易融资不同，”供应链融资“一词相对较新，许多融资机构将贸易融资作为对单一的、非常狭窄的应付账款融资产品的描述，而其他提供商则使用该术语来指代更广泛的解决方案系列，通常包括应收款、应付账款和库存品。
The term ‘supply chain finance’, unlike trade finance, is relatively new and was adopted by many finance providers as a description of a single, very narrow, payables finance product, while others used the term to refer to a much wider family of solutions, often incorporating receivables, payables and inventory.

相比之下，”贸易融资”一词已经普遍使用了几个世纪。一般是接受是指银行通过控制与相关货物装运有关的文件进行中介。
The term ‘trade finance’, by contrast, has been in common usage for centuries. It is generally accepted to refer to the intermediation by banks through the control of documents relating to the shipment of the underlying goods.

贸易和供应链金融之间的区别随着技术化而变得模糊。开发和数字化扩大了数据驱动型解决方案的规模，以降低风险和金融。尽管如此，下表说明了倾向于导致某些关键特征解决方案被贴上”贸易融资”的标签，而其他解决方案则被贴上”供应链金融”的标签。
The distinction between trade and supply chain finance is becoming blurred as technological developments and digitisation increase the scale of data‑driven solutions for risk mitigation and finance. Nevertheless, Table illustrates the key characteristics that tend to result in certain solutions being labelled ‘trade finance’ and others ‘supply chain finance’.

贸易融资和供应链金融的特点-CHARACTERISTICS OF TRADE FINANCE AND SUPPLY CHAIN FINANCE

Characteristic-特征 Trade finance-
贸易融资		 Supply chain finance-
供应链金融
Level of bank intermediation (risk mitigation, finance andpayment)

银行介入程度（风险缓解、融资和付款）

 More likely to be high.
更可能高。
Trade finance solutions incorporate all three elements through control of shipping documents.
贸易融资解决方案通过控制装运单据纳入了所有三个要素。		 More likely to be low.
更可能低。Supply chain finance was developed in the open account space, where bank intermediation was limited to making the payment.
供应链金融在赊账空间中发展，银行中介所在的位置仅限于付款。
Transactional security (title to goods, control of goods and security interest in receivable)
交易担保（货物所有权、货物管制和应收款上的担保权益）		 More likely to be high.
更可能高。
Trade finance solutions have the potential to incorporate all three elements through control of shipping documents and associated security documentation.
贸易融资解决方案有可能通过控制装运单据和相关安全单据来纳入所有这三个要素。		 More likely to be low.
更可能低。
Due to the relative lack of intermediation, the potential to exercise transactional control is more limited, though a security interest
由于相对缺乏中介，行使事务控制的潜力是更有限，尽管是担保权益
Basis of finance availability
融资可得性的基础		 More likely to be transactional.
更有可能是事务性的。.In order to benefit from transactional security, high levels of transactional control are required.This is more likely to be achievable when finance is made available on a transactional basis.
为了从中受益事务安全性，高级别事务控制是必需的。这更有可能实现当资金在事务基础。		 More likely to be flow-based.
更有可能是基于流程。
The greater efficiency and lower handling costs associated with flow-based financing are among the reasons for the trend away from traditional trade finance.
与基于流程的融资相关的更高效率和更低的处理成本是倒在放弃传统贸易融资原因之一。
Pre- and post-shipment Finance
装运前和装运后的融资		 More likely to be high.
更可能高。
Trade finance instruments and structures facilitate finance across the end-to-end trade cycle, from purchase order to payment.
贸易融资工具和结构有助于从采购订单到付款的整个端到端贸易周期的融资		 More likely to be restricted to post-shipment.
更有可能被限制在装运后。
Supply chain finance solutions tend to be basedon invoices.
供应链金融解决方案往往基于发票。
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CITF-TOPIC 3-Freight forwarders 学习笔记

3.3 货运代理Freight forwarders

货运代理-Freight forwarders
使用适当的运输方式管理国际货物流动的组织。
（The organisations that manage the movement of goods internationally using the appropriate mode of transport.）

知识点：买卖方都可以选择货代。许多国家都有货运代理贸易机构，这些机构坚持要求其成员采取良好做法并持有适当的货运代理责任保险。新卖家或新买家在选择货运代理时应咨询适当的贸易机构或当地商会。
Freight forwarders are typically appointed by either the buyer or seller to organise the transport of goods. Many countries have freight forwarder trade bodies, which insist that their members adopt good practice and hold appropriate freight forwarder liability insurance. New sellers or new buyers should consult the appropriate trade body or a local chamber of commerce when selecting a freight forwarder.

知识点：货代的流程——货运代理将以适当的运输方式预订空间，可以是飞机，轮船，铁路或公路。货运代理将安排从卖方的处所收集货物，并在适当的时间交付给承运人，并可以与其海外办事处联络，以协调交付给买方。
A freight forwarder will book space on the appropriate transport mode, which could be by aircraft,ship, rail or road. The freight forwarder will arrange for the goods to be collected from the seller’s premises and delivered to the carrier at the appropriate time and can liaise with its overseas offices to co‑ordinate delivery to the buyer.

知识点：货代的服务——Freight forwarders may also offer additional services such as:

  1. 入仓、入库-warehousing;
  2. 货物的最终组装和包装（如果进口国有自己的具体规定，则特别有用）-final assembly and packaging of goods (particularly useful if the importing country has its own specific regulations);
  3. 管理海关要求，包括进口货物的清关和交付到最终目的地-managing customs requirements, including customs clearance of import freight and delivery to final destination;
  4. 跟单信用证和跟单托收的文件服务。他们将起草文件，并可以指导出口商从头到尾完成整个过程。-documentation services for documentary credits and documentary collections. They will draw up the documents and can guide the exporter through the whole process from start to finish.

海关手续-Customs formalities
有关国家的政府或管理机构通常会通过法律，卖家和买家在将货物进口到国外或从该国出口货物时必须遵守这些法律。不遵守规定可能导致处罚，其中可能涉及罚款甚至监禁。
Governments or governing bodies of the individual countries concerned usually pass laws with which sellers and buyers must comply when they import goods into – or export goods out of – the country.Non‑compliance can result in penalties, which may involve fines or even imprisonment.

这些规则可能很复杂，没有经验的卖家和买家应将手续留给具有适当资格的货运代理商或听取商会的建议。法规涵盖的典型问题是：
These rules can be complex, and inexperienced sellers and buyers should leave the formalities to a suitably qualified freight forwarder or take advice from a chamber of commerce. Typical issues covered by the regulations are:

  1. 无法进口或需要许可的货物的详细信息-details of goods that cannot be imported or are subject to licensing;
  2. 买家和卖家有责任提交文件并支付任何关税-the responsibility of buyers and sellers to submit documentation and pay any duties;
  3. 海关官员对货物进行实物检查的权力-the powers of customs officers to conduct physical inspections of the goods;
  4. 进口限制与可以进口的特定货物的总量有关。如果超过这些进口配额，货物可能会被拒绝或可能需要支付更高的进口关税-import restrictions related to the total quantity of specific goods that can be imported. If these import quotas are exceeded, goods may be refused or may be subject to higher import duties.
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CITF-TOPIC 3-Potential dangers to avoid 学习笔记

3.2.1 需避免的潜在危险Potential dangers to avoid

以下示例是警告信号，应警惕：
The following examples are warning signs that should put a business on its guard:
• 行贿-如果需要”便利费”，请采取法律建议，以确保激励措施合法。经济合作与发展组织（OECD）的大多数国家都有适用于国内和国际交易的贿赂和腐败法律。
Bribery – if a ‘facilitation fee’ is required, take legal advice to ensure that the incentive is lawful. Most countries in the Organisation for Economic Co‑operation and Development (OECD) have bribery and corruption laws that apply to domestic and international transactions.

•交易对手未能对有关财务或技术问题的基本问题给出明确答案。
Failure of the counterparty to give clear answers to basic questions regarding financial or technical issues.

•缺少商业徽标，或使用来自Gmail，Yahoo！或类似网站的电子邮件地址，这表明个人电子邮件而不是具有注册域名的网站（尽管这本身并不能保证商业诚信）。
Lack of a business logo, or use of an email address from Gmail, Yahoo! or similar, which suggests a personal email as opposed to a website with a registered domain name (although this in itself is no guarantee of business integrity).

•不适当的地址 – 如果处理此类交易的企业位于特定地区，请小心您的潜在交易对手的地址是否在其他地方。只要有可能，请亲自访问企业，但必须考虑成本。虽然可以通过Skype等媒介进行对话，但对于欺诈者来说，很容易在一天中租用富丽堂皇的办公室，并在这些明显令人印象深刻的环境中进行对话。
An inappropriate address – if the businesses dealing with such transactions are located in a particular district, take care if your potential counterparty’s address is somewhere else.Whenever possible, visit the business in person, though cost does have to be considered.While conversations over a medium like Skype can take place, it is easy for a fraudster to rent a palatial office for the day and conduct the conversation from these apparently impressive surroundings.

•了解哪些因素可能导致可疑交易以及什么构成”怀疑”。如果某件事看起来好得令人难以置信，那通常不是真的。
Be aware of which factors can give rise to a suspicious transaction and what constitutes’suspicion’. If something seems too good to be true, it usually is not true.

可疑交易-Suspicious transactions 
涉及糖、化肥、尿素和废金属的商业计划应谨慎对待。这些商品对欺诈很敏感，只有少数全球知名贸易商与此类商品打交道。
Business proposals involving sugar, fertilisers, urea and scrap metal should be treated with caution.These commodities are sensitive to fraud, and only a few worldwide known traders deal with such commodities.

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CITF-TOPIC 3- Sanctions 学习笔记

3.2.2 制裁-Sanctions

制裁-Sanctions 

英国为实现一系列目的而采取的措施。这些包括遵守履行联合国和其他国际义务，支持外交政策和国家安全目标，以及维护国际和平与安全，防止恐怖主义。
“[. . .] measures that the UK puts in place to fulfil a range of purposes. These include complying with UN and other international obligations, supporting foreign policy and national security objectives, as well as maintaining international peace and security, and preventing terrorism.” (GOV.UK, 2020).

任何违反制裁的行为，即使是无意的，也可能导致监禁，巨额罚款和对声誉的重大损害。运输船只可能违反此类制裁。通过受制裁国家/地区的运输必然导致违反这些制裁，即使有关货物从未被违反离开船只，直到他们到达最终目的地。例如，2018年8月，美国因违反联合国与朝鲜的贸易限制而对中国、俄罗斯和新加坡的船只实施制裁。
Any breach of sanctions, even if inadvertent, could result in a prison sentence, a heavy fine and major damage to reputation. Carrying vessels can be in breach of such sanctions. Shipping via countries that are subject to sanctions will invariably result in a breach of those sanctions, even if the goods concerned never leave the ship until they reach the ultimate destination. For example, in August 2018 the US implemented sanctions on ships from China, Russia and Singapore for violating UN trade restrictions with North Korea (Haynes, 2018).

其他运输工具，如空运或陆运，也可能受到制裁。如果货物由制裁名单上的运输公司发送，或由受制裁国家的政府或居民拥有，这也将导致违反规则。保险公司、货运代理和检测机构等中介机构也可能受到制裁。
Other means of transport, such as air or land transport, can also be subject to sanctions. If the goods are despatched by a transport company that is on a sanctions list or owned by a government or resident of a country subject to sanctions, this will also result in a breach of the rules. Intermediaries such as insurance companies, forwarders and surveyors can be subject to sanctions as well.

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CITF-TOPIC 3- Before entering into a transaction with a new counterparty 学习笔记

3.2 在与新交易对手进行交易之前（的准备）-Before entering into a transaction with a new counterparty

In purely domestic transactions, it is usually possible for a prudent business（审慎经营） to obtain information on potential new business partners. It may be possible to visit the other party, obtain a bank reference, or seek formal advice from trade associations or informal advice from others in the same trade.Communication, including face‑to‑face meetings, is relatively straightforward compared to dealing with businesses located overseas.

International business transactions need the same degree of due diligence as domestic transactions, and there are additional potential complications, such as fraud or sanctions, which are less likely to be an issue in purely domestic business. Before proceeding in a transaction with a new counterparty located overseas, a business should undertake a preliminary analysis based on the well‑known
PESTLE system.

A business should also consider the risks laid out in section 2.1. In addition, many
banks and other institutions provide ‘country guides’. The golden rule is to make full use of the services provided by organisations such as banks, trade bodies and chambers of commerce, as well as government departments. This will allow the business to obtain advice on the local business practices and information about the potential counterparty.

**PESTLE
The PESTLE model is often used to assess the impact of external factors that affect a business and the market in which it operates.
It stands for:
Political， Economic， Social，Technological， Legal， Environmental
These are the factors that a business must contemplate before entering into an overseas market.

Before entering into a contract with a counterparty, the business might proceed as follows:

  1. Check creditworthiness（信誉） via an international credit reference agency.
  2. Ask for references.
  3. Check reputation with an overseas trade body, if such a body exists for the type of
    transaction under consideration.
  4. See whether the seller’s own bank can obtain a status report（公司的现状报告） via the banking system.However, many banks have ceased offering such a service or have become reluctant to do so due to compliance rules, privacy considerations and an enhanced sensitivity to liability in case such a report is abused.
  5. Examine the published accounts（已公开的账务） if available.
  6. Obtain bank account details, such as the IBAN if in a country that uses these. After obtaining the information, seek confirmation from a separate source within the
    counterparty business that the details are correct. However, due to privacy rules, banks are not allowed to provide information about their customers – they are not even supposed to indicate whether a business is a customer or not.
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CITF-TOPIC 3- Parties in international trade 学习笔记

3.1 国际贸易参与方-Parties in international trade

When you export indirectly, even more intermediaries can be involved in the process, including:

  1. 出口管理公司-export management companies;
  2. 贸易公司-trading houses;
  3. 确认机构-confirming houses;
  4. 代理商-agents;
  5. 分销商-distributors;
  6. 银行-banks.

中介机构-Intermediaries
中介机构是在涉及其他方的事项中充当”手段”或”中间人”的中间人。
An intermediary is one that acts as a “means” or a “go‑between” in a matter involving other parties.
(Merriam‑Webster, 2021)

Intermediaries exist to bridge the gap between the buyer and seller and act as a conduit for the goods or services being offered; they overcome barriers to international trade at a lower cost.
Intermediaries are usually engaged because they have a greater knowledge of the export market than the buyer. As outlined in section 2.1, there are many possible risks involved in international trade, some of which can be caused by the physical and socioeconomic differences between the buyer and seller; using intermediaries may help to mitigate these risks.

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