After the State Council promulgated the Advices on the construction of “Two Centers” of Shanghai, Bank of Communications (shortened as BOCOM) (601328.SH) convened a special meeting recently and deliberated the measures to integrate the general conception of services for the construction of “Two Centers” into the strategic planning system of the entire bank. In addition, a dedicated leading group and an office were organized to deepen strategic cooperation outside and strengthen organization and collaboration inside and to bolster the construction of “Two Centers” from a high level, systematically and globally.

Bank of Communications is a large state-owned commercial bank headquartered in Shanghai. Hu Huaibang, chairman of the board of the bank, said that as a country-level strategy, the construction of “Two Centers” was not only of great consequence to the economic transformation and long-term development of Shanghai, but also a strategy conceived by the government under the backdrop of global financial crisis, with aim to push forward reform and opening-up, accelerate industrial structure upgrading, and keep elevating the competitiveness of the industries as well as the country as a whole. Meanwhile, it also creates a significant historic opportunity for commercial banks to widen their business scope and enhance their competitiveness and for BOCOM to unfold a new round of reform and development.

Hu Huaibang expressed, thanks to the rapid growth of national economy and the sound financial environment of Shanghai, BOCOM had turned into a financial group involved extensively in funds, trust, leasing, investment banking and insurance, with asset volume exceeding 3 trillion yuan and aggregate market value topping the world, after 22 years since its reorganization. The solid development of BOCOM not only epitomized the high-speed development of Shanghai’s economy and finance but also equipped the bank with the abilities to serve the construction of “Two Centers”. BOCOM will not hesitate to seize this historic opportunity, keep up with the pace of the construction of “Two Centers”, exert its advantages, drive development by projects, take initiate in making breakthrough in financial holding group, financial innovation trial spots, shipping financial service and exertion of headquarter advantage, and realize favorable interaction and win-win of the construction of “Two Centers” and the reform and development of BOCOM.

To this end, Bank of Communications has drawn up a list of ten moves to serve the construction of “Two Centers”, which can be summarized as following: strengthen financial service for the manufacturing industry and advanced service industry and intensify support to key industries and projects; propel the construction of Shanghai’s financial market system and put forth efforts on innovation and expansion of financial intra-industry business; help to improve financial transaction and asset management functions of Shanghai as an international financial center and expand asset management business; push forward the development of Shanghai as an international RMB settlement center and off-shore financial center and bring international business and off-shore business to a new level; provide service for the development of modern shipping service system in Shanghai and strengthen innovation in shipping financial service; perfect its own operation system and support the construction of Shanghai Financial Information Industrial Park.

In order to practically implement various tasks in the construction of “Two Centers”, in the near future, Bank of Communications will refine and study the above-mentioned moves and map out more detailed measures and action plans.