China Great Wall Asset Management Corporation (hereinafter refers to Great Wall AMC) held Working Conference 2010 on 24th-26th February. In this conference, it has proposed to focus on “one core and two pints”, which refers to profit and two main businesses of non-performing assets and finance. Also it emphasized to strengthen risk control and working style of the Party and anticorruption, promoting commercialization and development.
Xiang Junbo, Secretary of the Party Committee gave important speech in the conference. Mr.Xiang appreciated the progress and achievement in every aspect over the past three years’ effort with positive and consistent exploration. The conception and spirit of employees, along with system of business and management experienced deep transformation. The strategy is to become an integrated assets management corporation with main business in non-performing assets. Meanwhile, business power and cohesiveness is rising. Mr.Xiang required the corporation to implement the spirit from The 4th Plenum (Plenary Session) of the 17th CPC Central Committee, raising core Competence and profitability, strengthening working style of the Party and anti-corruption, promoting sustainable development of the corporation. Zhao Dongping, Deputy Secretary of the Party committee and President, gave a speech in the conference and reviewed the work in 2009. According to the report, in regard to business indicators, profit was 330 million in 2009, up 30% compared with the same time last year. The offices who has no non-performing assets of ICBC, has achieved balance in management expenditure since 2007, and realized profit in 2008. The profit in 2009 was 148 million. The cash recovery from commercial assets was 7131 million, of which cash recovered from ICBD was 6060 million, up 19% compared with the same time last year. The recovery rate of assets disposal from ICBC was 35.1%. The subsidiaries have achieved the goal with 214 million total profits.
Regarding the work plan this year, Mr.Zhao required focusing on profitability, intensifying performance assessment and incentive system, developing non-performing assets transactions, raising core competence, extending financial services, constructing operation system, boosting profitability. The goal is to achieve profit growth of 21% of 400 million.
In order to ensure effective operation of transactions under law requirement, Mr. Zhao required to base on own operation situation and sustainable development, strengthening operation management and risk control, raising management level, realizing importance of working style of the Party and anticorruption. In regard to the 2010 plan of working style of the Party and anticorruption, it required to construct anticorruption and punishment system, strengthening system implement and construction, creating more achievements in anticorruption and discipline inspection. It required further developing transformation of human resources, strengthening organization of leaders and senior staff, starting talent strategy, fostering excellent corporation culture, raising power and cohesiveness, providing guaranty to enable sustainable development.
In the conference, Qin Huizhong, member of the Party Committee and Secretary General of the Discipline Committee has made the work report. He assigned the missions of 2010 to focus on working style of the Party and anticorruption, and implanting spirit of Working Conference of Anticorruption held by state council and Working Conference of Discipline Inspection held by China Banking Regulatory Commission, implementing scientific development strategy, focusing on main business and regulation framework, specially insisting on working style, raising the awareness of employees on anticorruption, providing guaranty to transformation and expansion.
In the end, Li Zhanchen, Deputy Secretary of the Party Committee and Vice President, gave the final report. He calls for implement of the conference spirit, uniting the sprit, changing conception, exploring innovation, focusing on profit-earning, following the market demand, raising profitability and sustainable development , in order to achieve the goal for next three years.
Vice President Zhang Xiaosong and Qu Xingyi, Kuang Xuzhong, Zhou Liyao, Xue Jian, and mangers, Secretaries of the Party Committee, General Managers, Secretaries of Discipline Inspection Commission, and responsible persons attend the conference, and leaders from China Banking Regulatory Commission and the Finance Ministry attend the meeting.