From January 21 to 24, Industrial Bank held its 2024 Work Conference in Fuzhou City. The conference was on thoroughly studying and implementing the spirit of the Central Financial Work Conference and the important speech delivered by General Secretary Xi Jinping at the opening ceremony of the special seminar for provincial and ministerial-level leading cadres to promote the high-quality development of finance, review the Bank’s work in 2023, analyzing the current situation, and discussing the focus for 2024 and beyond. It aimed to ensure that the Bank follows the path of financial development with Chinese characteristics, promotes high-quality development, and writes a new chapter in the construction of a strong financial country. Lv Jiajin, Secretary of the Party Committee of Industrial Bank and Chairman of the Board, attended and delivered a speech. Chen Xinjian, Deputy Secretary of the Party Committee and President, presented a work report and summarized the conference. Members of the Party Committee and leaders in charge of various departments outlined key tasks in their respective departments.
During the conference, it was emphasized that General Secretary Xi Jinping’s important speech at the Central Financial Work Conference was rich in content and profound in thought, providing fundamental principles and action guidelines for promoting the high-quality development of finance in the new era and on the new journey. The entire bank must regard studying and implementing the spirit of the Central Financial Work Conference as a major political task, effectively raise political awareness, earnestly study and comprehend its essence and practical requirements, combine regional characteristics and actual conditions to ensure effective implementation, and promote the spirit of the conference to take root and flourish in Industrial Bank.
It was pointed out that 2023 marked the 35th anniversary of the establishment of Industrial Bank. Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the bank solidly carried out thematic education, systematically reviewed General Secretary Xi Jinping’s important instructions and concerns for Industrial Bank, grasped the direction, uplifted spirits, effectively coped with complex situations, maintained steady growth in business scale, continuously optimized asset structure, consolidated operational characteristics, stabilized asset quality, improved development methods, and achieved expected business results, taking solid steps towards high-quality development.
It was emphasized that the Bank needs to combine the study and implementation of the spirit of the Central Financial Work Conference with the study and implementation of General Secretary Xi Jinping’s concerns and important instructions for Industrial Bank, keep in mind his earnest instructions, bear in mind the country’s most fundamental interests, strengthen confidence in development, enhance sense of responsibilities, firmly advance along the path of financial development with Chinese characteristics, vigorously promote high-quality development, and contribute greater efforts to the building of a nation with a powerful financial sector.
First, grasp the primary tasks, put quality first and give priority to performance, pursue balanced development by leveraging strengths and making up weaknesses, prioritize customer satisfaction, and attain economic benefits through fulfilling social responsibilities, steadfastly promoting high-quality development.
Second, bear in mind the country’s most fundamental interests, combine the Bank’s “Three Business Cards” (as a green bank, an investment bank and a wealth management bank), “Five New Tracks” (i.e. finance for inclusiveness, technological innovation, energy, automobiles and industrial parks) and the building of a “Digital Industrial Bank”, and make every effort to excel in the “Five Major Areas” of technology finance, green finance, inclusive finance, pension finance, and digital finance.
Third, bear in mind the primary tasks of strengthening compliance and internal control, credit risk management, group consolidation management, management of “Three Grassroots” (i.e. grassroots institutions, leaders of grassroots institutions, and employees of grassroots institutions) and outsourcing labor management, and continue to fight the battle against risks.
Fourth, strengthen party building, adhere to the basic strategy of “stick governance, professional management and technology-driven development,” continue to enhance the integrity, professionalism and energy of the Party members in the Bank, and strive to build a high-quality team.
During the conference, the key operational management tasks for 2024 were outlined. It was emphasized that the Bank needs to analyze the situation, recognize the challenges and opportunities in current economic and social development, adhere to stable progress, advance the implementation of the “1234 Strategy”, fulfill its roles on “Three Business Cards,” continue to strengthen the foundation, explore new tracks, consistently promote digital transformation, serve the real economy in the “Five Major Areas,” ensure a successful risk prevention and resolution effort in key areas, and vigorously promote revenue growth and expenditure reduction, take proactive measures in transformation, restructuring, quality improvement, and efficiency enhancement, so as to build a value-creating bank with Industrial Bank characteristics.
First, enhance capability in strategy execution, ensure the “Two Lights and One High” (i.e. a balance sheet with light assets, light capital, and high efficiency), promote the coordinated transformation in Three Major Aspects, (i.e. technology, retail and corporate finance), match with the regional economy and industrial structure, and promote the restructuring and upgrading of the balance sheet.
Second, enhance customer service capability by improving the customer management system, and enhancing the operational effectiveness of the online platform, so as to build an ecological system covering multiple scenarios, optimize customer experiences, and accelerate the transformation from product-led to customer-led business models.
Third, enhance investment and trading capabilities by enhancing the Integrated Mechanism of “Research, Decision and Execution”, being light-asset-oriented, enhancing the stability of investment returns, and strengthening advantages.
Fourth, enhance comprehensive risk control capabilities, establishing criteria for risk evaluation in a forward-looking perspective, effectively reduce risk costs, prudently handle key special asset projects, enhance the performance of the Three Lines of Defense, improve online business risk control capabilities, and ensure steady progress in transformation and development.
Fifth, enhance management to achieve further development by achieving high-quality development based on party building, injecting vitality into the team by enhancing human resources management capabilities, shaping competitiveness in the new era through digital transformation, and laying a solid foundation for sustainable and healthy development through strengthening “Three Grassroots” Management (i.e. grassroots institutions, leaders of grassroots institutions, and employees of grassroots institutions).
During the conference, it was required that the spirit of this conference should be effectively implemented, and the whole bank should work together to ensure that everything is managed and everything can be implemented once the implementation plan is made, so as to achieve outstanding outcomes in the new year. In terms of risk prevention, the Bank should focus on key projects, improve compliance and internal control mechanisms, make every effort to control new losses, and ensure the stability of the bank. In terms of retail banking, the Bank should strengthen its wealth management capabilities and, with the concerted efforts of the entire group, cultivate distinct characteristics in wealth management, thereby enhancing the bank’s branding in the market. In terms of the transformation of the banking industry, the Bank should establish an ecological system that encompasses multiple scenarios in a coordinated manner, explore restructuring of the operating system, develop new capabilities, and identify new development opportunities. In terms of digital finance, the Bank should improve the model management system, improve weaknesses, prevent hidden risks and promote sustainable development. In terms of cost reduction, the Bank should improve productivity and make the best use of its financial resources.
During the meeting, commendations were given to Outstanding Units for Operational Performance 2023. The agenda also included related thematic speeches and speeches from selected branches and subsidiaries. Attendees engaged in group discussions to exchange ideas.
The conference was held through a combination of on-site and video conferencing. Members of the Party Committee of Industrial Bank, Board Members, Supervisors, as well as Key Personnel from subsidiaries, branches, and headquarter departments attended in person. Meanwhile, members of leadership teams and department heads from subsidiaries, primary branches and secondary branches, as well as sub-branch managers, participated via video conferencing.
1 The 1234 Strategy: “1” refers to the main direction, i.e. achieving steady progress and accelerating transformation with a focus on light assets, light capital, and high efficiency;
"2" refers to two main business lines, i.e. commercial banking and investment banking;
"3" refers to three capabilities, i.e. capabilities in settlement, investment, and transaction;
"4" refers to four key areas, i.e. key branches, key industries, key clients, and key products.
The “1234 Strategy” means that the Bank, committed to the main direction, should promote its two main business lines, enhance its three capabilities and leverage four key areas to achieve steady development.
2 Three Lines of Defense: Customer-facing employees and expert units form the first line of defense, the compliance and risk functions of the Bank the second and the Internal Audit function the third.