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A Group from CBRC led by Vice Chairman Cai Esheng Carried out Inspection and Research at MSFL
Led by Mr. Cai Esheng, the Vice Chairman of China Banking Regulatory Commission (“CBRC”), a group from CRBC paid a visit to MSFL in the Tianjin Port Free Trade Zone, in order to conduct research and inspect the site, and held talks with all the senior and middle management working at MSFL. Mr. Cui Jindu, member of the Tianjin Standing Municipal Party Committee and the Standing Deputy Mayor, took part in with both the inspection and the meeting. Other people who participated in the inspection and the meeting included: Mao Wanyuan, Vice Director of the Non-banking Financial Institutions Supervision Department, Chen Zongsheng, Vice Secretary General of the Tianjin Municipal Government, Du Qiang, Director of the Financial Affairs Office of the Tianjin Municipal Government, Yu Longwu, Director of CBRC (Tianjin Office), and Guo Mingqi, Vice Director of CBRC (Tianjin Office).
First, Zhou Wei, President of MSFL, briefed his audience on the current status and achievements made by MSFL in the past five years.
This session was followed by Kong Linshan, Chairman of MSFL Board of Directors, who outlined MSFL’s development strategy and overall plan for the next five years, that is to say, “the overall goal and the four core tasks”. Meanwhile, Mr. Kong made suggestions on the policy support needed by MSFL in order to achieve its development goal of the second Five-Year plan.
Cui Jindu, member of the Tianjin Standing Municipal Party Committee, and the Standing Deputy Mayor, gave a presentation on the development of the Tianjin financial industry, focusing particularly on the financial leasing industry, and spoke highly of the achievements MSFL had made, as well as its second Five-Year Plan. Mr. Cui also gave a systematic introduction to the measures taken by the Tianjin Municipal Government concerning taxation, legal issues, registration, foreign exchange and other methods of boosting the area’s financial leasing industry. He announced the government’s plans to continue its research and pilot programmes in fields such as the accelerated depreciation in the financial leasing industry, the international registration of vessels, and the use of state foreign exchange reserves for the purpose of creating a better and more efficient environment to ensure Tianjin’s status at the centre of the financial leasing industry.
Cai Esheng, Vice Chairman of CBRC, made an important speech at the meeting. He first paid tribute to the progress and achievements made by MSFL in the past five years, and expressed his appreciation to MSFL for its contribution to the development of the financial leasing industry. He also pointed out that, although the financial leasing industry had achieved steady growth and had been well received in recent years, it also demonstrated weakness and immaturity, and there is great room for improvement in the system and its legal construction.
At present, the financial leasing industry is still in the process of building upon its foundations. By precisely positioning, building upon a solid foundation, and improving upon operation and management levels, and developing core competence, MSFL will be able to build upon its soft skills and strengths, in order to support its business development. In addition, MSFL should seriously consider how it might take advantage of financial leasing , with the aim of providing products and services that are distinct from banking functions. The company should also specialise further and increase the level of management, in order to maintain the pace of business development, and to control risk.
Mr. Cai also requested that while focus should be on its own development, MSFL should pay more attention to the development of the industry as a whole, and should consider, and contribute, more to the exploration into the direction taken for future industry development.
Before the meeting closed, Mr. Cai gave clear instructions, and provided answers regarding the policy suggestions put forth by Mr. Kong Linshan.