On July 15, China Taiping convened its 2020 mid-year working conference in Shanghai via video. Chairman Luo Xi spoke on the topic of Promoting the Company's Developmental Strategy While Implementing the "Six Stabilities" and "Six Priorities", with General Manager Wang Sidong giving a work report on the topic of Staying Confident, Overcoming Difficulties, and Guaranteeing the Comprehensive Completion of All Operational Tasks, and Chief Supervisor Zhou Liqun chairing the conference.
The conference focused on the "Six Stabilities" and "Six Priorities" layout, adhering to the general principle of making progress while working to keep performance stable, maintaining strategic focus, turning crisis into opportunity, deepening systematic reforms, stimulating endogenous developmental driving forces and sparing no effort to achieve the "dual victories" of epidemic prevention and control, and operational development.
Chairman Luo Xi Makes a Speech
At the conference it was pointed out that when faced with the sudden outbreak of COVID-19, China Taiping took swift action and placed epidemic prevention and control as the most important and urgent political mission to uphold. By intensifying the responsibilities born by a central enterprise and using its cross-border business advantages, Taiping was able to purchase epidemic prevention supplies from across the globe, rush to Wuhan's aid in its fight against the virus, donate 10 million yuan in cash and insurance coverage worth up to 1.15 hundred million yuan, and issue insurance reparations worth 18,050,000 yuan to 261 medical workers. In total, Taiping donated 350,000 face masks, 3,300 protective suits and 39,000 pairs of surgical gloves overseas. The company-wide donation totaled almost 14 million yuan. The company spared no efforts in supporting Hong Kong in its fight against the epidemic, while swiftly extending its epidemic insurance responsibilities, deferring premium payments, promoting on-line medical consultations, emergency relief and other services, and donating mobile medical vehicles and protective face masks. The company planned for effective epidemic prevention and control and an orderly return to work, swiftly introducing a series of efficient prevention and control measures, strengthening lean services, implementing special policies to stabilize business growth, guaranteeing uninterrupted on-line customer service, and took the lead in restoring business operations. We provided lean services to enterprises to help them return to work and resume production, given full play to the security functions of insurance, developed our innovative development series of exclusive products, supported micro, small and medium sized enterprises to return to work and production, and was determined to win a decisive battle in poverty alleviation. In addition, we took advantage of our insurance long-term capital advantages, satisfying enterprises low-cost financing demands, and put forth all of Taiping's power in an effort to promote the "Six Stabilities" and "Six Priorities" to contribute positively to the recovery of economic society in an orderly manner.
General Manager Wang Sidong Gives an Operational Working Report
The conference looked back over our work from the first half of the year and concluded that when faced with unprecedented difficulties and challenges, China Taiping adhered to applying innovation to solve developmental problems, used reforms to stimulate its vitality and driving force, successfully held an innovation workshop, comprehensively launched its innovation-driven strategy, implemented reforms in its investment system and mechanism, and intensified its marketization incentive mechanism. Strategic projects were undertaken successfully, with our overseas layout steadily pushed forward, major products such as that in the Guangdong-Hong Kong-Macao Greater Bay Area progressed positively, with 16,500 cross-border vehicles insured in the Guangdong-Hong Kong-Macao region, accounting for over half of the vehicles using the Hong Kong-Zhuhai-Macao Bridge since its opening. Our sci-tech operational capacity continued to increase, with the pace of smart technology and on-line transition accelerating, and we successfully held the inaugural China Taiping Customer Festival in Shanghai. We continue to enhance risk control throughout the entire process, constantly perfecting our internal systems and reducing to a maximum extent the influence of the pandemic. In the first half of the year, our total premium income was 124 billion yuan, with total assets worth 914.5 billion yuan, assets under management surpassing 1.6 trillion yuan, compensation expenses of 23.35 billion yuan, and risk guarantees worth 126 trillion yuan provided. Premium income, net profits, asset size and other main operational indicators realized "double half+", and overall operational development achieved stable and favourable prospects, overcoming the almighty test put forward in these special times.
At the conference it was emphasized that the unprecedented onslaught from this epidemic will profoundly alter the global layout. We must soberly comprehend the seriousness of the present situation and be mentally prepared and practically ready to respond to changes in the outside environment. We must profoundly acquaint ourselves with the links between crisis and opportunity, maintain determination in carrying out our developmental strategy in this new era, stand firm in implementing innovation reforms, and spare no effort to promote value increase transformation and upgrading. We must become deeply familiar with the links between the present and the future, and secure the direction of our internationalized development and steadily push forward our international layout. We must be absolutely certain of the links between scale and value, resolutely implement our new developmental philosophy, stand firm in promoting high-quality development, promote value-guided balanced development, and stay focused as we create a globally competitive international modern finance and insurance enterprise.
Chief Supervisor Zhou Liqun Chairs Conference
Conference resolutions: China Taiping will continue to adhere to the operational strategy to "outperform, be first, grow steadily and increase value", and intensify its efforts to "boast moral, seek opportunities, bolster weak spots, promote innovation, reform mechanisms and grow steadily". First, we must adhere to the idea of developing for the people and initiate a new situation in the company's development during serving "Six Stabilities" and "Six Priorities" layout. We should utilize our insurance capabilities advantage, dedicate ourselves to preventing and defusing financial risks, achieving targeted poverty alleviation and pollution control, precisely serve the real economy, provide innovative service insurance to meet new demands and strengthen services that ensure the people's wellbeing. We must be adept at finding opportunities amidst the crisis, uncover developmental opportunities while adhering to the "Six Stabilities" and "Six Priorities" concept, proactively adapt to new circumstances, locate our position in the country's new developmental structure, exploit our advantages, actively dedicate ourselves to internal circulation, engage ourselves into the service chain and come up with new models. We must adhere to steady improvement, rely on our strong points and bolster our weak points. Second, deepen the promotion of system and mechanism reforms, stand firm in innovation reforms, spare no effort to overcome system mechanism obstacles, stimulate endogenous developmental drive and motivate developmental drive and vitality. Third, we must intensify organizational leadership, pass any difficulty or test with flying colours, strengthen teams' self-building capacity, perfect system mechanisms and establish strong leading groups. We must have a strong organizational system and forge a team of high-quality individuals. We must work ceaselessly to improve conduct and enforce discipline, and carry out this concept in governance, standing firm as we prevent risk and tackle corruption. We must create a clean and righteous environment and an entrepreneurial atmosphere to spare no effort as we reach yearly business objectives and goals.