Shanghai, July 29, 2024 – A series of mid-year work conferences have been held by multiple banks in China, outlining their focus for the remainder of 2024. The meetings, which include policy banks, state-owned large banks, and joint-stock banks, aim to enhance the service of the real economy, optimize structures, increase profitability, and mitigate risks.
Policy Banks: Focusing on National Strategic Projects
Policy banks, playing a critical role in implementing national development strategies, are prioritizing the support of key infrastructure and national projects. The China Development Bank (CDB) emphasized the importance of strengthening the role of policy financial institutions. It highlighted the need to support infrastructure projects that commercial banks cannot handle effectively, focusing on five key areas, including transportation, energy, water resources, agriculture, and information technology.
The CDB also stressed the need to innovate in financing models, enhance the efficiency of infrastructure finance, and provide high-quality financial services to support major strategic initiatives and industrial upgrades.
State-Owned Large Banks: Prioritizing High-Quality Development
State-owned large banks are focusing on optimizing their structures and improving profitability while ensuring the sustainable development of the real economy. They are integrating high-quality development requirements into all aspects of their business operations.
These banks, including Agricultural Bank of China (ABC), Bank of China (BOC), and China Construction Bank (CCB), have outlined specific strategies. The ABC, for instance, aims to strengthen its role in serving the rural economy, focusing on agricultural finance and supporting rural revitalization. The BOC emphasizes the importance of maintaining its global competitiveness and supporting the construction of a new development model featuring domestic and international dual circulation. The CCB focuses on risk mitigation and providing financial services for key projects like housing construction.
Joint-Stock Banks: Accelerating Transformation and Structure Optimization
Joint-stock banks are focusing on optimizing their structures and accelerating transformation, aiming to enhance their competitiveness in the financial market. Zhejiang Commerce Bank (ZCB) plans to deepen its smart business system and accelerate the optimization of its structure. Xingye Bank emphasizes the need for transformation, emphasizing the importance of new development concepts and digitalization in its business operations.
Risk Management: A Top Priority
Risk management remains a top priority for all banks. They are committed to building comprehensive risk management systems and ensuring the stability of their asset quality, preventing major risks from occurring.
Conclusion
The mid-year work conferences of multiple banks in China have provided a clear roadmap for their work in the second half of 2024. With a focus on serving the real economy, optimizing structures, increasing profitability, and mitigating risks, these banks are well-positioned to support China’s economic development in the coming months.
Views: 0