Since the foundation on October 18th, 1999, China Great Wall Asset Management Corporation (China Great Wall AMC) has received great attention and support from all circles both home and abroad. Here, on behalf of the corporation, I express my hearty thanks to all my colleagues and friends!
China Great Wall AMC, shouldering the special mission entrusted by Chinese government, pursuing the three goals of resolving financial risks, pushing reform and development in state-owned enterprises and keeping state-owned asset value at the maximum and losses at the minimum, has established an innovation mechanism to accelerate effective NPL (non-performing loan) resolution, which helped to raise asset value as well as shorten disposing process so as to achieve the unity of speed and efficiency. The corporation also over fulfilled the cash-return target set by Chinese government by the end of 2005, one year ahead of schedule. More importantly, for future growth and development, the young China Great Wall AMC has accumulated rich professional experience and wisdom through the past practice, which forged the overall capacity to join in the market competition.
Now the China Great Wall AMC is beginning to enter a fully new developing stage, transiting from a policy financial institution to a commercialized financial institution, and heading toward a modern financial service enterprise with the functions of asset operation/management and investment banking as well as other comprehensive services. Today, the continuously fast and sound development of China's economy and the increasing globalization provide us with a broader stage and space for greater achievements. I am confident that, with the policy support from the Chinese government, the commitment of our highly professional and experienced staff, the strong capital strength, and the great support and help from all our friends both domestic and abroad, as long as we seize the opportunity to accelerate the development and firmly adhere to hour goals, the competitive edge of China Great Wall AMC will be fully enhanced.
The future development of China's economy, particularly in promoting economic restructuring, enhancing efficient resource allocation, enlarging proportion of direct investment/financing, reducing costs of economic operation and improving the quality of economic development, requires China Great Wall AMC to become the real market leader and contribute more. We would like to undertake this mission, with our mature experience, unique wisdom, reliable services and sophisticated business capacity to serve the society, the clients and ultimately, to devote our due contribution to china's economic development.
With the increasingly deepening of economic globalization, our services would also accomplish globalization in a gradual way. So far, we have established good cooperation relationships with many foreign government authorities and professional entities; we have conducted fruitful cooperation with many multinational investment institutions and strategic investors; and we are constantly exploring new fields of cooperation. We look forward to making wider and deeper cooperation with investors, colleagues and friends in the sector across the world, and to create a splendid future for all of us!
Zhao Dongping
CEO of CGWAMC