FOTIC Holds 2017 Semiannual Work Conference

China Foreign Economy and Trade Trust Co., Ltd. (FOTIC) held the 2017 Semiannual Work Conference in Beijing from July 26 to 28, 2017.

The conference, featuring team discussions and action learning, traced the development of the trust industry and the state of financial regulation. In addition, it reviewed the company’s overall operation in the first half of 2017 and reflected on business issues. Moreover, taking account of the company’s advantages and opportunities, it set clearer business targets and strategic focuses, while arranging the work for the second half of 2017.

In the first half of 2017, in the context of financial supply-side reform and strong regulation, FOTIC has actively averted risks, conducted steady operations, returned to the origin of trust, served the real economy, promoted business development, fulfilled first-half budgetary targets and achieved brilliant business results. In the first half of 2017, the company realized business revenues of RMB 1.106 billion and a total profit of RMB 907 million, registering year-on-year growth of both indicators.

“In the first half of 2017, with the entire team’s effort, the company steadily improved its business performance, elevated its industrial ranking, achieved an A regulatory rating and enhanced its capital strength. However, it lagged behind in terms of leap-forward development,” said FOTIC General Manager Elzat. “In the second half, the company should better understand the macro economy, regulation orientation and the situation of industrial competition. It should focus on problems that surfaced during strategy implementation and make concerted efforts to counter development constraints. It ought to take effective measures and lead development through innovation, besides promoting improvement through management and building consumer-centered product and service power. In this way, it can achieve the corporate goal unequivocally, firmly and strenuously,” he added.

Addressing the conference, FOTIC Chairman Yang Lin said, “Facing the present regulatory situation, the company should broaden its horizon, grasp the essence, return to the origin, rebuild capabilities, make persistent innovation and strengthen conviction.” He went on to explain the process of “returning to the origin”, saying, “As customers and the market are the origin, the company should be centered on customers. It should serve the customers, industry and consumption based on Sinochem’s industrial background and resources.” The FOTIC chairman further explained, “Secondly, the idea is to rebuild capabilities. The company should improve its professional competence, link capital and assets, and provide quality financial products. Thirdly, it should make persistent innovation. The company should make innovation in organizations, technologies, products, systems and mechanisms, so as to realize innovation. Fourthly, it should strengthen conviction. Consumption has gradually replaced investment as a key economic driver while industrial restructuring and de-capacity are speeding up. In this backdrop, the company should have a long-term vision, have full confidence in business, grasp opportunities, seek the market gaps and adjust to the times to achieve success. The company should face the market, serve customers, strengthen collaboration, and make innovations and breakthrough, thus achieving a leap.”