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CDB Implementing Guidelines of the National Financial Work Conference

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Time:2017-07-17  Source:CDB

Today CDB held its Second-Quarter Working Conference in Beijing to promote the understanding of the guidelines of the National Financial Work Conference, summarize CDB’s work during the first half year, and deploy focused tasks for the second half year. Chairman of CDB Hu Huaibang attended the Conference and delivered a speech. President of CDB Zheng Zhijie hosted the Conference and delivered a report on operation and management. The Conference was also attended by Executive Vice Presidents of CDB Wang Yongsheng, Zhou Qingyu, Zhang Xuguang, and Cai Dong, and Chief Compliance Officer Wang Yungui.

Hu Huaibang elaborated on the guidelines of the National Financial Work Conference, noting that this Work Conference was an important meeting prior to the convening of the 19th CPC National Congress, producing significant and far-reaching influence on the stable development of China’s financial reform in the next phase. General Secretary Xi Jinping delivered a keynote speech at the National Financial Work Conference, stressing that the CPC leadership must be strengthened over financial work, which must stick to the basic tone of seeking progress while maintaining stability, and respect the rules of financial development, while focusing on three major tasks: better serving the real economy, containing financial risks, and deepening financial reforms, to promote the virtuous cycle and healthy development of economy and finance. Premier Li Keqiang made comprehensive deployment for the financial work in the next phase and proposed specific requirements. Vice Premier Ma Kai made concrete arrangements to promote the implementation of the guidelines of the National Financial Work Conference. CDB should carefully study and understand the guidelines to align the ideas and actions with the decisions and arrangements made by the central government on financial work, implement the guidelines with a highly responsible, enthusiastic, and pragmatic attitude, and do a good job in serving the real economy, containing financial risks and deepening financial reforms.

As noted by Hu Huaibang, in the first half year, CDB achieved fruitful results in various aspects, including following the basic tone of seeking progress while maintaining stability, actively carrying out new development concepts, serving the deepening of the supply-side structural reform, providing strong support for China’s strategic priorities such as poverty relief, urban renewal, the “One Belt, One Road” initiative, and the building of Xiong’an New Area, strengthening operation management and risk control, and firmly promoting strict discipline of the Party and the governance of CDB.

For the second half year, Hu Huaibang proposed five arrangements. First, adapt to the new situation and work proactively. CDB should have a clear understanding of the new situation, new changes, and new requirements, strengthen follow-up research, make in-depth analysis of the influences, adopt a problem-solving way of thinking, deal with new challenges with an attitude of reform and innovation, and facilitate the sustainability of CDB’s reform and development. Second, serve national strategies and support the development of real economy. CDB should focus on China’s major development strategies, deepen the cooperation with relevant ministries, departments, and local governments, highlight strategic priorities, create new business models, improve service capabilities, and keep enhancing effects in serving the development of real economy. Third, strictly observe the bottom line of risks and promote stable and healthy development. CDB should further improve its awareness of risk control and responsibility, strictly follow uniform credit granting and centralized management, strengthen risk control in focused areas, cooperate with relevant departments to set rules for local government borrowing, further facilitate credit system building and basic management, and develop a fine compliance culture. Fourth, continue to deepen the reform and boost development. CDB should meet the requirements of serving the real economy, containing financial risks, and deepening financial reforms, and cooperate with commercial finance to complement each other and realize different development goals, further improve internal systems and mechanisms, improve group client management, deepen reforms of subsidiaries, and keep enhancing capabilities and efficiency in serving economic and social development. Fifth, strengthen Party building and promote strict discipline of the Party. CDB should strictly follow the “Four-fold Consciousness,” implement the “Two Learning Focuses and One Requirement” Initiative to make learning a habit, stick to the principle that the bank leaders are managed by the Party, to build a high-quality team of leaders and professionals, adhere to the idea of resolving the current problems and eliminating the root causes, promote the building of clean and honest Party work styles, and improve political awareness and keep a positive attitude in preparation for the 19th CPC National Congress.

As pointed out by Zheng Zhijie, since the beginning of this year, CDB has actively promoted the five major tasks of cutting excess capacity, destocking, deleveraging, reducing costs and filling gaps. As a result, CDB has reduced the outstanding balance of loans to the steel, coal, and coal power industries by RMB 8.7 billion, RMB 21.5 billion, and RMB 1.6 billion respectively as compared to the beginning of this year; CDB has strengthened its support for urban renewal loans of RMB 315.7 billion issued for monetized relocation to help reduce commercial housing inventory; CDB’s average loan interest rates have been reduced to lower than the average level in the industry to help real economy reduce financing costs; and CDB has increased its support for weak and focused areas. By the end of June, CDB’s total assets had reached RMB 15.3 trillion. The non-performing loan ratio had been controlled below 1% for 49 consecutive quarters.

According to Zheng Zhijie, CDB has actively implemented 165 important projects required by the 13th Five-Year Plan to promote economic and social development. It has granted RMB 80.1 billion for railway projects, RMB 37.4 billion for water conservancy, and RMB 878 billion for new-type urbanization. It has promoted the preparation for major projects such as the coordinated development of Beijing, Tianjin, and Hebei and supported the upgrading of industries by issuing RMB 136.8 billion for strategic emerging industries and RMB 60.5 billion for integrated circuit industry. It has also adhered to the poverty alleviation strategy of “leveraging finance, intelligence and trade opportunities” and implementing the work with "thorough understanding, effective approaches, comprehensive action, and a good sense of responsibility". It has granted RMB 181.4 billion for poverty alleviation, RMB 477.6 billion for urban renewal projects with a total amount of RMB 3 trillion, helping more than 20 million residents living in shanty areas to move into multi-story buildings. It has also supported the implementation of the “One Belt, One Road” initiative by granting more than USD 170 billion for countries along the Belt and Road with a balance of more than USD 110 billion. Meanwhile, CDB has also strengthened risk control in focused areas, improved group client management system, advanced the risk management accountability mechanisms, facilitated efforts in resolving risks, and continuously improved compliance in internal control.

Zheng Zhijie proposed six requirements for the operation and management in the second half year. First, CDB should improve research and make better judgment of the situation and develop a forward-looking attitude. Second, CDB should push forward the supply-side structural reform centered on the five major tasks of cutting excess capacity, destocking, deleveraging, reducing costs and filling gaps. Third, CDB should continue to serve the real economy and support focused areas. Fourth, CDB should focus on serving the “One Belt, One Road” initiative and promote international cooperation. Fifth, CDB should further develop integrated operation and improve the quality and efficiency of operation and management. Sixth, CDB should strengthen risk management and control to ensure the stability of asset quality.

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