China Huarong Holds 2019 Mid-Year Work Conference
and Themed Campaign Promotion Meeting
On August 8-9, China Huarong held its 2019 mid-Year work conference and campaign promotion meeting themed "staying true to our founding mission”. Based on the overall requirements of "remaining true to our original aspiration, bearing more responsibility, finding out where one lags behind and assuring implementation", the conference summarized the business performance of the first half of the year, analyzed the current external and internal situation and set out work objectives for the second half of the year.
Mr. Wang Zhanfeng, Secretary of the CPC Huarong Committee and Chairman delivered the key speech and mapped out the company’s business plan. Ms. Li Xin, the President, made the report on business operation of the first half of the year. Other members of the leadership team delivered performance presentations and work plans of relevant business segments. Representatives from the China Banking and Insurance Regulatory Commission (CBIRC) attended the meeting. Company directors, supervisors, heads of the HQ departments, local branches and subsidiaries were also present. Other staff attended the video conference at sub-venues.
It is pointed out that during the first half of the year, the company achieved positive progress with good momentum for growth and maintained sound and stable operation, under the strong leadership of the CPC Central Committee, the State Council and the CBIRC, as well as steadfast support from the controlling shareholder, the Ministry of Finance. Following the guidance of Xi Jinping Socialism with Chinese Characteristics for a New Era, the company launched the Themed Campaign "staying true to our founding mission” , in which it continued to consolidate party leadership and construction, comprehensively eradicated adverse impact of Lai Xiaomin and related people who breached law and disciplines, promoted institutional reform at the headquarter level and focused on the building of a strong contingent of staff.
The company has thoroughly and duly implemented policies and guidelines of the central government and requirements of the regulatory authority. In compliance with the overarching goal to "maintain overall stability and pursue progress in the core business area", the company has actively returned to its core distressed asset business, substantially restructured and mitigated interior risks, continuously worked to serve the real economy at a larger scale, and constantly consolidated interior management. The meeting evaluated the work performance since April 17 2018, further unified thoughts, formed consensus and strengthened confidence for future development.
The meeting pointed out that the company’s reform campaign has entered a critical stage and a deep-water zone. Along with deepening of the reform, all staff need to shoulder more responsibilities, make progress quickly but steadily, and advance with courage. In the second half of the year, instilled with self-targeted revolutionary spirit, the company will focus and promote reforms in core business areas and key links and establish new mechanisms.
In order to achieve annual reform and operational targets, the company strives to achieve goals in the following perspectives: First, strengthen team building, improve work style through intensifying the Themed Campaign and eradicating adverse impact of Lai Xiaomin, under the overarching goal of strengthening party building; Second, enhance corporation management control, deepen reform of business departments, improve business segments management and internal synergy; map out business strategy for subsidiaries with financial licenses, accelerate development of the IT system, build sound policies and procedures, and construct mechanism in accordance with top-level design to build a new Huarong with high-quality development; Third, intensify core distressed asset business and accelerate business transition. The company pursues to optimize the entire acquisition-and-disposal business chain, expand restructuring and commercial Debt-to-Equity Swap (DES) business. China Huarong will respond to the national financial policy by applying research on relieving debt problem of local governments and risk solution of distressed small-to-medium-sized businesses, explore new creative models to provide financial help to listed companies, mergers-and-acquisitions and default bond risk resolution. Fourth, strengthen risk prevention and diffusion, accelerate slimming subsidiaries, steadfastly reduce projects with no competitive advantage and enhance risk management initiative with a foresight.
The meeting announced general plans to deepen reform and innovation, which require all staff to work closely in accordance with the Themed Campaign, keenly aware of its intrinsic thought and more conscious and determined in implementing this important thought in their work. All members need to work hard to address inadequacies, be more vigorous and focus on implementation, while steadfastly break the fence of vested interests, knock down drawbacks of institutional mechanisms and navigate the company to complete reformation in terms of quality, efficiency and motivation on a right path towards high-quality development, to celebrate the 20th anniversary of the company and 70th anniversary of the People’s Republic of China with a brand new image of China Huarong.
The meeting also invited investment bankers and experts in economic and financial field to elucidate current domestic and international economic and financial situation.