"Excerpts from Xi Jinping's Discourse on Financial Work" is a concentrated presentation of Xi Jinping's economic thought and finance, which has raised our party's understanding of the essential laws and development path of financial work to a new height, and is of great significance for the new era and new journey to unswervingly follow the road of financial development with Chinese characteristics. The Party Committee of Taiping Property & Casualty Insurance Co., Ltd. conscientiously studied and implemented the spirit of General Secretary Xi Jinping's important exposition, deeply studied and understood the positions, views and methods therein, strengthened the feelings of serving the country and political responsibility in finance, and helped build a financial power with practical actions to accelerate the high-quality development of insurance.
1. Comprehensively strengthen the centralized and unified leadership of the CPC Central Committee over financial work to ensure the correct direction of the development of the insurance industry
General Secretary Xi Jinping stressed that "strengthening the centralized and unified leadership of the CPC Central Committee over financial work is the fundamental guarantee for doing a good job in financial work". Since the 18th National Congress of the Communist Party of China, the major achievements made in the financial industry have proved that the party's leadership is the greatest political and institutional advantage of the mainland's financial development. In recent years, we have unremittingly forged our soul with Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, improved and implemented the important instructions and instructions of General Secretary Xi Jinping and the working mechanism for the decision-making and deployment of the Party Central Committee, and actively served the national strategy under the guidance of the Party's political construction. We will always put the party's political construction in the first place, benchmark against the grand blueprint drawn up by the Central Financial Work Conference, and implement the principles and policies of the party and the state to the letter.
The first is to improve the "political three forces". Strictly implement the "first issue" system, comprehensively, accurately and timely study and implement the spirit of General Secretary Xi Jinping's important expositions and important instructions, firmly support the "two establishments", resolutely achieve the "two safeguards", and continuously enhance the political and people's nature of financial work.
The second is to deepen the comprehensive and strict governance of the party. Adhere to the system-wide warning education once a quarter, the company's party committee listens to the implementation of the inspection and rectification work every quarter, carries out the "top leader" supervision conversation of the branch every quarter, and conducts special research on the implementation of the construction of party style and clean government every quarter, so as to promote the integration of the "four responsibilities and coordination" to ensure that the major decisions of the party central committee are effective.
The third is to promote the organic unity of the party's leadership and corporate governance. Strictly implement the procedures for the implementation of decisions on major matters of the Party committee, further integrate party building into the whole process of corporate governance, revise the articles of association, and support the efficient and orderly operation of the shareholders' meeting, the board of directors, the board of supervisors, and the management level.
2. Keep in mind the fundamental purpose of financial services for the real economy, and enhance the new momentum for the high-quality development of the insurance industry
General Secretary Xi Jinping emphasized that "the real economy is the foundation of finance, finance is the blood of the real economy, and serving the real economy is the duty of finance, the purpose of finance, and the fundamental measure to prevent financial risks". In recent years, we have focused on the positioning of "the main platform for the Group to serve the national strategy and the leader of innovation and development", adhered to the principle of seeking progress while maintaining stability, putting efficiency first, highlighting integrity, innovation and professional success, and building a customer-centric organizational system, with premium income exceeding 30 billion yuan for the first time in 2023, and the growth rate of serving the national strategic business was 15.7 percentage points higher than the growth rate of total premiums, and the business in the Guangdong-Hong Kong-Macao Greater Bay Area accounted for 10.2%, so as to strengthen the ASEAN insurance service center service center to jointly build the "Belt and Road". In the next step, we will effectively play the role of economic shock absorber and social stabilizer of the insurance industry, enrich products and services, and provide high-quality services for economic and social development.
The first is to strengthen the top-level design of the national strategy. Implement and promote the "Work Plan on Implementing the Spirit of the Central Financial Work Conference and Striving to Promote High-quality Development", promote the high-quality development of green finance, inclusive insurance, and science and technology insurance, formulate and implement a new round of action plans for deepening the Guangdong-Hong Kong-Macao Greater Bay Area, establish regular tracking, monthly reporting, and quarterly reporting mechanisms, and implement the primary task of high-quality development.
The second is to focus on doing a good job in the five major articles of finance. We will innovate and improve the quality of science and technology insurance, increase the protection of strategic emerging industries, expand the coverage of intellectual property insurance and cyber security insurance, and provide whole-process risk protection for leading technology enterprises and specialized and new "little giant" enterprises. Accelerate the development of green insurance, innovate and develop a product system with diverse functions, adequate protection and high market acceptance, and improve the management mechanism that is pragmatic and effective, with high-quality services and controllable risks, so as to make green insurance an important engine for high-quality development. Inclusive insurance covers a wide range of areas, improves insurance protection for people lifted out of poverty and new citizen groups, expands the supply of products and services for small and micro enterprises, continues to promote the financial selection and bidding of policy-based agricultural insurance, and actively participates in the construction of a multi-level medical security system. Pension finance focuses on the main business, expands the liability insurance and property insurance of pension institutions and pension facilities, and increases the promotion of accidental health insurance for the elderly to meet the diversified needs of the elderly. Digital finance enriches scenarios, improves the quality and efficiency of digital and intelligent operations, and improves the accuracy and efficiency of operation and management.
The third is to promote risk reduction management. Promote the risk reduction mechanism of "insurance + disaster prevention and loss reduction + technology empowerment", strengthen catastrophe early warning, prevention and rescue, focus on special services for flood prevention in summer and fire prevention in winter, participate in social governance, and create value for customers.
3. Adhere to the eternal theme of preventing and controlling financial risks, and guard the bottom line of no systemic risks
General Secretary Xi Jinping stressed that "preventing and resolving financial risks, especially preventing the occurrence of systemic financial risks, is the fundamental task of financial work and the eternal theme of financial work". In recent years, in accordance with the policy of "stabilizing the overall situation, coordinating and coordinating, implementing policies by classification, and accurately defusing bombs", we have steadily resolved stock risks and resolutely curbed incremental risks, and in 2023, the company's solvency risk management requirements and assessment scores ranked second among the 15 assessed property and casualty insurance companies, and the comprehensive risk rating was upgraded to A. In the next step, we will coordinate development and security, put risk prevention and control in a prominent position, and resolutely adhere to the bottom line of no systemic risks.
The first is to actively cultivate a financial culture with Chinese characteristics. Implement the requirements of "five wants and five noes", firmly establish a correct view of business, performance and risk, adhere to the overall requirements of China Taiping's "feelings of central enterprises, customer first, innovation leadership, and value orientation", pay close attention to the work theme of "strictly governing the party, strictly controlling risks, underwriting profits, and promoting high-quality development", so that values do not bow to business pressure, risk prevention and control do not bow to business premiums, and set an example in sticking to the origin of insurance, standardizing market order, and abiding by professional ethics.
The second is to strengthen risk prevention and control in key areas. Promote the implementation of 24 key risk prevention and control projects in 7 aspects, carry out operational risk investigation, strictly prevent problems such as "inconsistent reporting and banking", strengthen the rectification of "five voids", continue to strengthen product innovation management and quality and efficiency backtracking, and the company's party committee studies and supervises inspections and audits and rectifications every month. In-depth implementation of the "Thunder Action 3.0" for all types of insurance claims, give full play to the efficiency of organizational system optimization, and severely crack down on internal and external fraud.
The third is to prevent risks strictly and early. Establish and improve the daily reporting mechanism and risk reminder letter mechanism for risk events and hidden risks, strengthen risk penetrating management, promote risk prevention and control to actively integrate into the whole process of underwriting and claims, timely identify and warn of legal loopholes, compliance risks and weak links in risk control, early identification, early warning, early exposure and early disposal of risks, strengthen risk compliance management, and promote the high-quality development of the company. (The author is a member of the Party Committee and Deputy General Manager of China Taiping Insurance Group Co., Ltd., Secretary of the Party Committee and General Manager of Taiping Property Insurance Co., Ltd.)
Source: Financial Times Client Author: Zhu Jie Editor: Yang Jingyi Email: [email protected]