Mr. Han Zheng, Member of the Political Bureau of CPC Central Committee, Secretary of CPC Shanghai Municipal Committee, Visits SIG
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On the afternoon of June.12th, 2014, the delegation led by Mr. Han Zhen, Member of the Political Bureau of CPC Central Committee, Secretary of CPC Shanghai Municipal Committee, conducted an on-site survey at SIG. Mr. Han listened to the report on major reform measures of SIG given by Mr. Shen Jun, Chairman of SIG, and the report given by Mr. Shao Yaliang, President of SIG, on the business operation of SIG in the first half of this year and the progress of state-owned asset reform and integration.
On behalf of the management team of SIG, Mr. Shao Yaliang briefed Mr. Han on the recent business operation with emphasison the progress of SIG’s reform and reorganization. Since the beginning of this year, SIG has started the integration of Shanghai International Trust with Shanghai Pudong Development Bank, the integration of Shanghai Securities with Guotai Junan Securities successively, and has transferred the share of Dazhong Insurance and An’Xin Agricultural Insurance. SIG has also pushed forward the inter-group transfer of quasi-financial and real estate assets, all of which have been well under way. Mr. Shao also reported the follow-up work and the thoughts on the reform and development of the headquarter of SIG.
Mr. Shen Jun analyzed the five features of SIG in this round of reform and transformation, which includes the nurture of financial institution affiliated to the city through vertical integration, the inter-group and inter-sector optimization of state-owned assets allocation, the market-oriented enhancement of normativity and efficiency, pursuit of mutual benefits and win-win, the normative disclosure of information about the reform of the group. Mr. Shen also introduced his experiences in the process of pushing forward the reform and transformation of the group from six aspects, which includes surrounding the principle line of reform and development, following the principle and direction of state-owned assets, the cohesion of minds and thoughts, maintaining the stable development, consideration of staff’s interest and cooperation among all parties. Finally, he put forth the problems that need to be solved with the help of the Municipal Government.
Mr. Han highly commended the lofty stance of SIG in the reform and restructuring process, and gave credit for the management team for all the jobs done and the achievements in past year. He pointed out that SIG plays a pivotal role in this round of Shanghai’s state-owned asset reform and there are two steps ahead for SIG: the first step is the market-driven and open restructuring of existing assets, and the second step is to the strategic transformation aimed at turning itself into a professional state-owned asset operation corporation and platform. He said that the group did an excellent job in the first step and has laid down a solid foundation for the second step. He emphasized: there are three ideas to follow in the institutional design of the platform. Firstly, the separation of the capital management from the enterprise operation is the key and fundamental measure to deepen the state-owned asset reform and promote the development of the group; secondly, rent-seeking should be prohibited in the optimization process of state-owned assets in a transparent market-oriented environment, thus, we could eliminate moral hazard and realize the value preservation and appreciation of state-owned assets accumulated by several generations; thirdly, public companies should be the major form to promote the mixed ownership economy in Shanghai. In conclusion, Mr. Han encouraged SIG to blaze new trails courageously, the CPC Shanghai Municipal Committee and the Municipal Government will fully support the reform and development of the group by creating a more tolerant environment toembrace a thorough transformation.
Other leaders attended the survey includes Mr. Yin Hong, member of the Standing Committee and Secretary-General of CPC Shanghai Municipal Committee, Mr. Zhang Dao Geng, Vice Secretary-General and head of the Research Office of CPC Shanghai Municipal Committee and, Mr. Wang Weiren, Vice Secretary-General of CPC Shanghai Municipal Committee, Mr. Xu Yibo, Vice Secretary-General of Shanghai Municipal Government, Secretary and Head of CPC State-owned Asset Supervision and Administration Commission , Mr. Kong Qingwei, Secretary of CPC Shanghai Financial Work Commission . All the members of the management team of SIG, supervisors of the group, and all the department heads of SIG also joined the event.
