CDB Embarking on A New Journey Under the National Strategy for Development Financial Services

CDB convened in Beijing its Third-Quarter Conference and Session of Learning the Guidelines of the 19th CPC National Congress to further study and carry out the guidelines of the Congress, summarize the work of CDB since the 18th CPC National Congress, identify future tasks and arrange for next moves. Chairman of CDB Hu Huaibang presided over the meeting and delivered a speech emphasizing the necessity for a careful study of the guidelines of the 19th CPC National Congress and the efforts needed to build a better CDB that acts in line with the will of the CPC and the Chinese government and that works to satisfy people's increasing needs for a better life under the firm leadership of the CPC Central Committee with Comrade Xi Jinping at its core. The conference was attended by President of CDB Zheng Zhijie, who reported on CDB’s operation and management, along with Executive Vice Presidents of CDB Wang Yongsheng, Zhou Qingyu, Zhang Xuguang, and Cai Dong, and Chief Compliance Officer Wang Yungui.

Hu Huaibang first elaborated on the guidelines of the 19th CPC National Congress. He pointed out that the 19th CPC National Congress held high the great banner of socialism with Chinese characteristics, analyzed the changes and trends in international and domestic development, reviewed and summarized the work and historic changes in the past five years, expounded in a profound manner the historical mission of the CPC in the new era, and proposed socialism thoughts and fundamental strategies with Chinese characteristics. The Congress also identified the goal of successfully building a moderately prosperous society and opening a new course of building a socialist modern nation in an all-round way. It worked out comprehensive plans to promote the great cause of socialism with Chinese characteristics and Party building in the new era and pointed out the direction for future undertakings of the CPC and China. The most significant historical contribution of the Congress is to incorporate into the Party Constitution Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era (Xi Jinping Thought) as the guiding thought the CPC must adhere to. The move once again keeps the CPC's guiding ideology to the rhythm of the times and provides the foundation for carrying out greater reform, building greater projects, pushing forward the great cause of realizing the great dream and advancing the socialism with Chinese characteristics.

According to Hu Huaibang, over the past five years, CDB has been seeking steady progresses in work under the firm leadership of the CPC Central Committee and the State Council while pushing ahead with new achievements in many areas under the guidance of the new development concept. CDB has financed over RMB 16.5 trillion for the real economy, reduced fees and interest-related costs by RMB 188.3 billion for enterprises and provided targeted poverty relief loans of RMB 855.1 billion for 958 counties below the poverty line. By establishing archives for the poor, it helps over 9.11 million people with poverty-relief relocation. It also has issued loans of RMB 3.2 trillion to renovate shanty areas and provided comfortable houses for over 20 million households. CDB has played a major role in the implementation of major national strategies such as new urbanization, Beijing-Tianjin-Hebei regional cooperation and construction of the Yangtze River Economic Belt as well as infrastructure projects such as the construction of 4,600 km of rail transit, 12,000 km of expressways and 10,000 km of high-speed railways. It has contributed greatly to the Belt and Road Initiative with loans worth USD 178.9 billion offered to countries along the route. The successful implementation of the Three-Step Strategy adopted by CDB to deepen reform is hailed as a brilliant feat in China's financial reform since the 18th CPC National Congress and is considered an important milestone in the reform and development history of CDB. Risk prevention and control has been effectively strengthened and the non-performing loan ratio has been less than 1% for 50 consecutive quarters. Management and operation rise to a new level, with total assets increasing from RMB 7.4 trillion to 15.5 trillion, and a significant improvement in sustainable development capability. Following the principle of "doing a good job in Party building, bank operation, and supporting development”, CDB has placed Party building as a top priority of its operation, and has made remarkable achievements in enhancing the CPC discipline and the governance of CDB.

As noted by Hu Huaibang, the 19th CPC National Congress has opened up a new era where China is expected to win the decisive battle of building a moderately prosperous society in an all-round way and promoting the great cause of socialism with Chinese characteristics. Following the guidelines of the Congress, CDB has embarked on a new journey towards better serving China’s national strategies. Therefore, CDB should study in depth and gain a deep understanding of the guidelines of the 19th CPC National Congress and carry out the guidelines with a high sense of political responsibility, a vigorous and energetic mentality and solid and effective efforts. Firstly, there is a need to obtain a profound insight into the great implications of studying and implementing the guidelines of the 19th CPC Congress and regard it as the primary political task so as to ensure that the guidelines are well communicated, publicized and implemented. Secondly, a variety of learning and training sessions as well as publicity and education activities should be put in place. Learning and training sessions should be organized in time along with intensive publicity activities. Thirdly, the new requirements and arrangements for the economic and social development brought forth at the Congress should be handled with deftness and accuracy so as to better fulfill the three major tasks of serving the real economy, preventing and controlling financial risks, and deepening financial reform and to better serve the national strategy with development financial services. Fourthly, CDB should accurately grasp the new requirements and arrangements laid down at the Congress for deploying Party-building-related new projects. To that end, CDB should put political construction on the top of the agenda, step up the study and implementation of the New Party Constitution, improve the working mechanism for Party building, continue to improve working style, and comprehensively strengthen discipline building. Then it is possible to establish a highly qualified and specialized leadership for enhancing the CPC discipline and the governance of CDB. Fifthly, it is necessary to strengthen leadership and organization and bring leading officials’ exemplary role into full play. All departments dealing with Party affairs within CDB should step up the guidance and supervision on the study, publicity and implementation of the guidelines of the 19th CPC National Congress. They should make concrete arrangements in accordance with current progresses and ensure the efforts to finalize them are in place. Leading officials at all levels must take actions in advance and step further ahead so that they can consciously think about, make plans with and push ahead with various tasks in a manner consistent with the guidelines of the Congress.

In his report on CDB’s operation and management, Zheng Zhijie pointed out that this year has witnessed the convening of 19th CPC National Congress and is regarded as a decisive year for China’s undertaking to build a moderately prosperous society in an all-rounded manner. Since the beginning of this year, CDB, under the firm leadership of the CPC Central Committee with Xi Jinping at its core, has been sticking to the principles set out at the National Financial Work Conference with efforts such as seeking progress while maintaining stability, forging ahead to deepen the supply-side structural reform, strengthening management and control over risks and enhancing the CPC discipline and the governance of CDB. As a result, new progresses are made in various fields, representing a perfect pre-show for the successful opening of the 19th CPC National Congress.

Zheng Zhijie mentioned that in the first three quarters of 2017, CDB endeavored to support the construction of key areas and weak links in the country with a loan of RMB 1.34 trillion for new urbanization, RMB 80.1 billion for railway construction and RMB 69.4 billion for water conservancy. CDB also rallied support for the coordinated development of the Beijing-Tianjin-Hebei economic triangle and actively engaged itself in the planning and construction of Xiong’an New Area, which was considered a sub-center of Beijing. It also mobilized resources for ecological protection and green development of the Hubei Yangtze River Economic Belt. CDB issued loans totaling RMB 251 billion to the manufacturing industry, including 69.1 billion allocated to the integrated circuit sector. It also played an active part in building science and technology innovation centers in Beijing and Shanghai and facilitated an array of loan-investment cooperation agreements worth RMB 540 million. It financed the forestry development and reform projects in Saihanba and for the first time supported the reserved forest projects in Guangxi and Nanping in Fujian Province with a public-private-partnership (PPP) model. Poverty-relief loans of RMB 335.4 billion was issued via CDB and a total of RMB 716.4 billion was allocated to renovate shanty areas. A special loan equivalent to RMB 250 billion for the Belt and Road Initiative was already in progress, with a loan commitment of 40.5 billion now in place. CDB will continue to optimize its customer management mechanism, strengthen risk management and control in key areas, improve its risk accountability, strengthen risk mitigation, tighten internal control compliance and risk control, and maintain the bottom line to ensure steady business operation.

According to Zheng Zhijie, looking ahead, CDB should study carefully and put into practice the guidelines of the 19th CPC National Congress, especially the Xi Jinping Thought, further enhance the awareness of political responsibility and historical mission of serving national strategies and integrating the guidelines into daily work, into action, and into the reform, development, and management of CDB. To sum up, the first is to carry out the new development concept and help to build a modern economic system. The second is to support the development of the weak links for a better society and improvement of livelihood. The third is to move ahead with the Belt and Road construction and serve the open economy at higher level. The fourth is to strengthen risk management and control for stable asset quality. The fifth is to coordinate business operations to ensure completion of annual business objectives. The sixth is to optimize overall strategic layout and come up with the general idea of business management in the new era. (27 Nov 2017)

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