Accelerate the Pace of Reform and Development to Become a First Class International Bank –

the Party Committee of CCB Organised Study Sessions

To Learn How to Implement the Spirit of

General Secretary Hu Jintao’s Speech

In the last few days, the Party Committee of CCB had organised a series of study sessions to learn how to implement the spirit of the General Secretary, Hu Jintao’s speech made recently in the 43rd Group Study of the Politburo of the Communist Party.  The sessions also aimed at discussing how to integrate the spirit with CCB’s reform and development and study what corresponding measures to take.  Guo Shuqing, party secretary and chairman of CCB, emphasised repeatedly everybody should seriously grasp and implement the spirit of the General Secretary Hu Jintao’s speech regarding the importance and imminence of doing a good job in the finance sector.  He also stressed the importance to follow the Central Committee of the Communist Party and the State Council’s target of financial reform and to maintain the relevant achievements.  While efforts are made to keep the image of the commercial bank in the capital market, attention should also be placed on how to accelerate the pace of reform to realise the strategic target of becoming a first class international bank.

During the discussions, members of the Party Committee of CCB unanimously agreed that the General Secretary’s speech was at the forefront of the financial situation and development of the world with a new historical perspective.  The speech also revealed profoundly the nature of a global finance market and the connotation of the nation’s economic development.  It further emphasised the importance to accomplish all the financial goals both in the present and in the near future given the present global financial and economic environment.  Specific requests were clearly stated to promote reform in the finance sector, to exploit the financial service functions and to open up the finance sector to the international community.  These policies would have profound and important influence to the sustainable and healthy development of major state-owned commercial banks.

Guo Shuqing further emphasised how to integrate the reform and development of CCB with the spirit of the General Secretary’s speech.  Firstly, the spirit of the speech in terms of concept and action should be clearly understood.  All reform measures aiming at developing into a first class international bank should be carried out persistently and realistically with a sense of urgency and accountability.  Secondly, the macro controlled policies should be observed as they were in the interest of the national economic development.  To this end, the timing and the volume of loan advancements should be reasonably and tactfully handled.  Credits to discouraged trades should be strictly controlled.  At the same time, full scale support should be continuously extended to encouraged trades.  Lending to infrastructure development, basic industries and projects of cornerstone nature should be given favourable considerations.  Small and medium enterprises which were profitable, demanded by the market and beneficial to the increase of employments should be well looked after.  Through these actions, contributions could be made to support and serve the development of a new rural community and eventually a harmonious society.  Thirdly, concepts and systems should be further changed by accelerating innovation of products and improving customer services.  The operation concept of “Customer Focus” and the belief of “To serve the people heartily” should be persistently upheld with actions.  The customer’s perspective should be incorporated in the review and development of workflows.  References should be made to experiences of first class international banks to upgrade quality and efficiency of services.  Fourthly, basic management techniques and business development skills should be strengthened by adapting international standards and codes of practices to minute details.  Management structure should be further modified to improve risks management and raise the quality of assets.  A balanced incentive/restraint mechanism should be enhanced to increase the solidarity and combat capability of the team which eventually form the basis of a healthy, sustainable and rapid development of CCB.