Lv Jiajin and His Team in Shanxi: Industrial Bank’s Commitment to Bolstering the “Central Backbone”

As spring brings renewal, from March 31 to April 3, Lv Jiajin, Party Secretary and Chairman of Industrial Bank, led a delegation to Shanxi Province. The visit focused on implementing the spirit of the Central Financial Work Conference, accelerating Shanxi’s transformational development, and serving the strategy to elevate the central region of China. The delegation engaged in discussions with Jin Xiangjun, Vice Secretary of Shanxi Provincial CPC Committee and Governor, Wu Wei, Standing Committee Member and Executive Vice Governor, and Wei Tao, Standing Committee Member and CPC Secretary of Taiyuan City. The visit also included witnessing the signing of a strategic cooperation agreement between Industrial Bank and the Shanxi Provincial Government, with Industrial Bank’s President Chen Xinjian signing on behalf of the Bank, and Vice President Zeng Xiaoyang participating in the research.

Shanxi, one of the six central provinces pivotal to China’s central rise strategy, has received significant attention from General Secretary Xi Jinping since the 18th National Congress. He has visited the province four times, delivering key speeches and directives that have positioned Shanxi as a transformational comprehensive reform pilot area and an energy revolution reform pilot, assigning it crucial missions.

“Our visit to Shanxi is primarily to integrate the spirit of the Central Financial Work Conference with the comprehensive implementation of General Secretary Xi Jinping’s important directives at the symposium on promoting the rise of the central region in the new era. We aim to fully grasp Shanxi’s strategic position in the national development landscape, leveraging its energy resources and comparative advantages. By pinpointing the focal points of financial services, we will enhance the adaptability of financial supply and robustly support Shanxi’s high-quality development and modernization efforts, reinforcing Industrial Bank’s commitment to bolstering the ‘Central Backbone’,” stated Lv Jiajin.

Shanxi is a major energy province in China, currently accelerating the development of new quality productivity and promoting a comprehensive transformation of its resource-based economy. This not only necessitates substantial financial support but also provides ample opportunities for financial development. On the afternoon of April 1, Industrial Bank signed a financial support agreement with the Shanxi Provincial Government to aid Shanxi’s transformational development. The signing ceremony was attended by Jin Xiangjun, Vice Secretary of the Shanxi Provincial CPC Committee and Governor, and Lv Jiajin, Party Secretary and Chairman of Industrial Bank. Wu Wei, Standing Committee Member and Executive Vice Governor of Shanxi, and Chen Xinjian, Vice Party Secretary and President of Industrial Bank, represented both parties in the signing. Zeng Xiaoyang, Vice President of Industrial Bank, also participated. According to the agreement, the partners will focus on major project construction, key areas in attracting investment, transformation and upgrading of traditional industries, strategic emerging industries, high-end equipment manufacturing, new materials industry upgrades, and green low-carbon production, as well as the “Digital Shanxi” initiative, to provide robust financial support for the high-quality economic and social development of Shanxi.

Prior to the signing, during the bilateral work discussions, Jin Xiangjun, on behalf of the Shanxi Provincial Committee and Government, expressed gratitude to Industrial Bank for its long-standing support for Shanxi’s development. He noted that the provincial government highly values financial work and has supported the economic and social development framework through financial risk prevention, deepening financial reforms, and continuously improving the quality and efficiency of financial services to the real economy. “Industrial Bank has a solid foundation of cooperation with Shanxi. We hope that this signing will serve as a catalyst to strengthen government-bank collaboration and jointly advance in the “Five Major Areas” such as Techfin and Green Banking, thus better serving the real economy and the people’s livelihoods. We aim to contribute further to the high-quality development of finance and to the building of a strong financial nation by optimizing the financial ecosystem and providing quality services for the development of various financial institutions in Shanxi,” he stated.

Lv Jiajin responded that Industrial Bank will leverage its strengths to meet transformation needs, innovate financial products and services, and continue to deeply engage and strategically deploy in Shanxi to foster fruitful outcomes from this cooperation, thereby robustly supporting the high-quality economic development of Shanxi.

On the morning of April 2nd, Lv Jiajin and his delegation held a work discussion with Wei Tao, Standing Committee Member and Secretary of the CPC Taiyuan Committee. Wei Tao thanked Industrial Bank for its substantial support to Taiyuan’s development over the years and expressed hope that the Bank would focus on key project construction, ecological and environmental improvements, and livelihood welfare in Taiyuan. He urged the Bank to innovate financial product offerings and increase credit supply to effectively advance the “Five Major Areas” in Taiyuan, including Techfin, Green Banking, Inclusive Finance, Pension Finance, and Digital Finance, to strengthen Taiyuan’s real economy and develop its competitive industries. In response, Lv Jiajin assured that Industrial Bank would utilize its strengths in the “Three Pillars of Our Businesses”, namely, Green Banking, Wealth Bank, and Investment Bank, to actively participate in Taiyuan’s industrial transformation, environmental protection, and cultural-tourism integration, contributing greater financial power to the socio-economic development of Taiyuan.

On the afternoon of April 2, Lv Jiajin and his delegation visited Jinneng Holding Group, Shanxi’s largest coal and power enterprise, a “key player” in energy supply and “pacesetter” in the energy revolution. During their visit, both parties engaged in in-depth discussions on strengthening bank-corporate cooperation, promoting green energy transformation, and supporting the dual carbon strategy. Li Guobiao, Party Secretary and Chairman of Jinneng Holding Group, remarked, “Industrial Bank is a significant partner of Jinneng Holding Group. Over the years, our long-term cooperation has fostered a profound friendship. Recently, Jinneng Holding Group has been dedicated to building a green, efficient, and diverse modern energy system and hopes that Industrial Bank will continue to support the company’s development and explore new areas of cooperative growth.” Lv Jiajin responded, “Industrial Bank will leverage its Green Banking advantages to broaden and deepen our cooperation, supporting Jinneng Holding Group’s integrated development in the energy sector and its transformational growth, jointly facilitating the energy transition and green development.”

That same afternoon, the delegation visited the Shanxi State-owned Capital Operation Co, Ltd. (SSCO), a professional platform for the market-oriented operation of state-owned capital, tasked with “managing state-owned capital investments”. Accompanied by Hong Qiang, Party Secretary and Chairman of the company, Lv Jiajin learned in detail about the fund monitoring system of Shanxi state-owned capital digitalized intelligent management platform, the construction and operation of Shanxi’s state enterprise credit management and risk warning digital platform. During subsequent work discussions, they explored deepening bank-corporate cooperation and innovating comprehensive financial services to accelerate the transformational development of provincial enterprises. Hong Qiang stated, “Industrial Bank has established a solid foundation of cooperation with the Provincial State-owned Assets Operation Company and provincial enterprises. We hope Industrial Bank continues to support the digital, intelligent, and green transformation and upgrading of traditional industries in Shanxi, fostering and developing new quality productivity for mutual and synergistic growth.” Lv Jiajin expressed, “Industrial Bank is keen to progress together with the SSCO, serving Shanxi’s state assets and enterprises, providing more financial support for nurturing strategic emerging industries among provincial enterprises, and aiding the adjustment and transformation of Shanxi’s industrial structure.”

The SSCO, through its subsidiary Shanxi Jinyun Interconnect Technology Company, has recently launched the nation’s first provincial-level coal industry internet platform. This pioneering platform comprises four main components: a computational power platform, a mine AI big model, an application marketplace, and an operational support platform, significantly elevating the level of digitization and intelligence in the coal industry.

On the morning of April 3, Lv Jiajin visited Shanxi Jinyun Interconnect Technology Co., Ltd. Accompanied by Ma Lingyun, Deputy Party Secretary, Vice Chairman, and General Manager of the SSCO, Lu explored the company’s exhibition hall. He delved deeply into the applications of the mine AI big model in coal mine production scenarios and examined the usage of Jinyun’s proprietary products and others. Discussions also extended to the ecological partners participating on the platform and the financial empowerment initiatives conducted through the platform.

During his visit, Lv Jiajin also stopped at the Jinzhong and Taiyuan branches to offer his regards to the staff and to review the effectiveness of “Three Basics (San Ji)” and “Three Advancements (San Hua)”. He chaired a research discussion at the Taiyuan branch, where he listened to reports on their operations, affirmed the branch’s achievements, and set forth directives for future work. He emphasized the need to diligently implement the directives from the Central Financial Work Conference, the Shanxi Provincial Committee, and the Provincial Government, as well as the overall bank’s operational mandates. He stressed that Industrial Bank should position its development within the broader strategy of promoting Shanxi’s transformation and supporting the rise of Central China, seizing opportunities, acting decisively, and striving for leadership and improvement in all areas. First, Industrial Bank is committed to becoming the mainstream bank in supporting local economic development, leveraging Shanxi’s coal-centric provincial conditions. The Bank aims to lead in transformational development, strengthening research empowerment, coordination between head office and branches, and capability enhancement. It will deeply into and serve the energy industry chain to enhance, supplement, and extend it, carving out new developmental spaces in aiding Shanxi’s industrial transformation and energy shift. Second, in advancing the “Three Basics” and “Three Advancements” work, the Bank will strive to be a benchmark institution, adhere to joint management, individual responsibility, and collaborative division of labor, further strengthen grassroots employee management, basic institutional building, and basic management, and deepen the advancement of standardized management, systematic marketing, and digital operations. Third, in driving transformational development, Industrial Bank positions itself as an innovator. Upholding integrity and innovation, following industry norms, and meeting regulatory requirements, the Bank focuses on the “Five Major Areas” and the “Five New Tracks.” It accelerates the unleashing of tech productivity, explores new businesses, crafts new products, and forges new models.

During a discussion and research visit at the Taiyuan branch, Chen Xinjian emphasized the importance of earnestly implementing the spirit of the Central Financial Work Conference and tailoring actions to local conditions based on the Bank’s own resource endowments to excel in the “Five Major Areas”. It is vital to balance development with carbon reduction, and short-term with long-term objectives. While strengthening traditional energy businesses such as coal, the Bank is rapidly transitioning to new energy sources. Chen stressed the need for persistence in solidifying the foundation for retail development, enhancing public-private collaboration, and promoting a more balanced business development.

The session was attended by the heads of relevant departments from the headquarters at the Taiyuan branch.