www.2138.com-首页

|
Scan the QR code
Huarong News

China Huarong Holds 2020 Work Conference

28/02/2020

  On January 17-18, China Huarong held its 2020 Work Conference in Beijing. The conference made comprehensive review of the work in 2019, analyzed the current market condition and mapped out its business plan for 2020. Mr. Wang Zhanfeng, Secretary of the CPC Huarong Committee and Chairman, delivered the key speech. Ms. Li Xin, Vice Secretary of the CPC Huarong Committee and President, made the report on business operation of the year. Representatives from the China Banking and Insurance Regulatory Commission (CBIRC), other members of the company leadership, board directors and supervisors were also present. Heads of the HQ departments and local branches attended the conference on site or through video conference at sub-venues.

  It is pointed out that China Huaorng duly implemented the central government’s financial work plan under the strong leadership of the CPC Central Committee, the State Council and the CPC CBIRC Committee in 2019. With the steadfast support of its shareholder, the Ministry of Finance, along with the People’s Bank of China, China Securities Regulatory Commission (CSRC) and CBIRC Discipline Inspection and Supervision Group, China Huarong made a good start by adhering to the general principle of seeking progress while maintaining sound and stable performance. By taking actions and overcoming difficulties, the company has managed to make steady progress and maintained good momentum for growth. Meanwhile, the company has comprehensively strengthened party leadership and construction, thoroughly eradicated the adverse impact of Lai Xiaomin, made concrete efforts in launching special anti-corruption education and conducted solid review on the implementation of the company’s rectification measures.

  Over the past year, China Huarong has actively returned to its core business, striving to give full play to its counter-cyclical financial rescue function. The company acquired 30% of non-performing portfolios in the market, along with an increase in financial bond purchase, making it a market leader. Meanwhile, it achieved significant growth in restructuring and market-oriented debt-to-equity swap (DES) business, which supported the supply-side structural reform. With regard to innovative business models, through bailouts of listed companies, mergers & acquisitions and risk resolution of defaulted bond, China Huarong has made new breakthrough in defusing risks of hidden local governments debts. The company achieved positive progress in promoting restructuring and mitigating interior risks with rising bank line of credit and external financing balance. In addition, China Huarong invested RMB 13.5 million in targeted poverty alleviation fund, which fulfilled its designated poverty alleviation task ahead of schedule.

  The conference pointed out that the current complex and changing external condition presents ample opportunities for AMCs. Through in-depth analysis and consolidation of development foundation, the company will grab the opportunity and further enhance its core competitiveness. 2020 is a critical year to build a new Huarong. With unified thought and objective, all staff will confront external volatilities with affirmed confidence, and the company shall shoulder its historical responsibility through self-development and counter-cyclical efforts to contribute to the national financial stability. The company will maintain its strategic focus, seek means and solve problems proactively in its pursuit of high-quality development. It will achieve steady progress  with correct balance between stable operation and business transformation. It will also maintain its leading position in the market  with careful handling of short and long-term objectives.

  The conference urged all units to maintain overall stability while pursue progress in the core business area, in order to accomplish transformation and innovation through promotion in the following five perspectives: First, promote party leadership and construction guided by the important instructions of General Secretary Xi Jinping, guarantee the eradication of the adverse impact of Lai Xiaomin as scheduled; Second, speed up transformation in the core business by bringing changes in quality, efficiency and driving force of development. By adding investment banking tools in investment business and expanding restructuring business, along with the optimization of the company’s business, assets and regional distribution, AMCs should play a bigger role that serves the national interests in the market; Third, promote institutional reform and explore returns from stock assets. It will make innovations in risk reduction mechanism, accelerate the disposal of existing risks, enhance comprehensive risk management and compliance culture; Fourth, deepen reform and strengthen corporation management control, establish corporation coordination mechanism, optimize systematic management of branches, clarify development orientation of subsidiaries and enhance IT system; Fifth, strengthen human resources management with a focus on professionalism and implementation.

  The meeting analyzed business operations in 2019 and mapped out plans for 2020. It called on all staff to be confident and proactive, seize the day and live it to the full, and work hard to build a new Huarong towards high-quality development.

  • No.8 Financial Street, Xicheng District, Beijing Zip Code:100033
  • Tel: (8610) 5961-8888 Fax: (8610) 5961-8000
  • ? 2019 2015 China Huarong Asset Management Co., Ltd. All Rights Reserved.