CMIG joins hands with GWA MCC to build model for cooperation between state-owned financial institution and large-sized private enterprises

  On February 28, CMIG and China Great Wall Asset Management Co., Ltd. (GWA MCC) entered into a business cooperation agreement in Beijing. Under the agreement, the two sides will carry out all-round cooperation in liquidity management, industrial investment, debt restructuring, assets disposal and other fields, to enhance assets quality and value.

  Build a model for cooperation between state-owned financial institutions and large-sized private enterprises

  Under the agreement, GWA MCC will provide comprehensive financial services to help CMIG ease its liquidity pressure, optimize its asset-liability structure, further improve its assets structure, focus on its strategic direction and speed up transformational development. Based on respective business patterns, the two sides will complement each other's advantages and advance the business cooperation between the two sides at the group and subsidiary levels.

  Through all-round strategic cooperation, the two sides will build a new model for cooperation between state-owned financial institutions and large-sized private enterprises, explore and establish a business model featuring the benign interaction between state-owned enterprises' resource advantage and private enterprises' institutional advantage, in a joint bid to promote the sustained and sound development of China's economy.

  As a central financial enterprise, GWA MCC will implement the spirit of General Secretary Xi Jinping's important speech at the Private Enterprise Symposium, as well as the support policies of the Party Central Committee and the State Council for the private economy, seriously implement the relevant requirements of regulatory departments, initiatively exert the advantage of its primary business and the auxiliary function of its diversified financial instruments, and carry out all-round cooperation with CMIG, said Shen Xiaoming, Party Secretary and Chairman of GWA MCC. This will stimulate the vitality and creativity of microcosmic subjects of the private economy, optimize the allocation of social resources, explore and establish a new pattern of financial service for the private economy in the new period, he added.

  Facing the changes in domestic and foreign situation, CMIG has initiated strategic transformation and upgrading, pushed forward "four changes", and taken a series of measures such as resource restructuring, assets adjustment and architecture optimization to improve itself since last year, said Li Huaizhen, Chairman of CMIG. The strong combination of CMIG and GWA MCC will help CMIG speed up strategic transformation through GWA MCC's professional competency, and the two sides will carry out deep business cooperation to build a new model and promote the sound development of China's economy, he added.

  Explore collaborative business development

  Based on respective business patterns and strategic directions at present, the two sides will exert respective professional advantages, and jointly develop market resources, to share resources and customers, complement each other's strengths, and accomplish common development.

  GWA MCC is a state-owned financial enterprise approved by the State Council. Over the 20 years since its founding, GWA MCC's business has covered non-performing assets management, assets management, banking, securities, insurance, trust, financial leasing, investment and other fields.

  CMIG is a private investment group approved by the State Council, initiated by the All-China Federation of Industry and Commerce, and established by 59 industrially leading enterprises. Over the 4 years since its founding, CMIG's business has covered new energy, prefabricated buildings, medical health, financial property and other industries, as well as financial and quasi-financial fields such as insurance, financial leasing, assets management and investment banking.

  Currently CMIG is focusing on two financial fields: great assets management and insurance through strategic transformation, and building the platforms of urban communities and rural rejuvenation on the basis of its existing industrial resources.

  GWA MCC's business sectors will carry out business cooperation and resource integration with CMIG's relevant subsidiaries. Besides, the two sides will exert respective advantages to carry out deep cooperation in rural rejuvenation, urban community service, medical health, new energy, prefabricated building, assets management, insurance and other fields.