In the afternoon of December 7, the Enlarged Meeting of ICBC Party Committee was presided over by ICBC Party Secretary and Chairman of the Board Mr. Jiang Jianqing, who advocated upholding the spirit of Central Economic Working Conference in line with the actual practices.

In the opinion of ICBC Party Committee, this Central Economic Working Conference was held at this critical moment of economic rally after China has effectively cushioned off the adverse impact of a crippling global financial crisis. The Conference made an in-depth analysis on the current international and China economy and chalked out the economic plan for the next year. A range of important economic policies were identified as one way to fulfill scientific development concept, playing a significant meaning in maintaining the momentum of economic growth and quality. ICBC Party Committee expressed that ICBC should follow both in thoughts and actions on the analysis, determination, decision and deployment from Central Government regarding the current economy situation. There should be clear understanding on the complexity of the current economy and financial rout and well-prepared for the next year's agenda, an agenda which should be faithfully carried out under the five requirements of "More Attention". Meanwhile, ICBC Party Committee has initially stated out the three important measures in acting consistently towards the spirit of Central Economic Working Conference:

First, underscore the financial functions and play an important role by a large bank in supporting steady economic development, adjusting economic structure and managing inflation expectations. Proper arrangement should be made on the total amount of loans released in accordance with the requirements of positive fiscal policy and moderately easy monetary policy. Loans should be released under protection and pressure. More support should be given to key sectors and weaknesses in order to better adjust the structure and move up the service ladder. Support should also be given on the healthy development of small-and-medium enterprises (SME) so that the growth rate of loans released to SME should be higher than all the new loans released by ICBC. Encourage coordinated regional development to increase the percentages of loans released to companies in the central region, west and northeast of China and organizations in the county districts. Innovate the model of consumer lending by giving more loans for direct retail spending. At the same time steps should be continued to stop lending to companies with "high-polluting, high-energy-consuming and resource-dependent" and "over-production sectors" as a measure to correct the economy structure.

Second, speed up innovation in credit services, expand new horizons for credit services, support the strategic adjustment in economy structure. As stated by the Central Party and State Council on the economy transformation and restructuring, more work should be done on the credit service innovation and credit restructuring in order to meet the many needs of the corporate entities on financial services. This is a major role to help companies to improve growth and efficiency. Emphasis should be played in supporting the development of strategic emerging sectors such as new energy, information network, new material and bioscience. Active support should be given to the rejuvenation of state's key industries and the development of modern and emerging service industry as in medical and health, logistics, e-commerce, cultural tourism. Projects on energy-saving and emission reduction, municipal environmental protection were encouraged as one way to optimize and upgrade the industry structure. Traditional industries should be restructured by making use of advanced technology to fulfill sustainable development. Speed up development on online financing business as well as export credit business. Create new international services without any difference in using home or foreign currency. Support Chinese companies to go out to the world to merge or acquire overseas companies.     

Third, step up the efforts in risk management, protect steady and healthy development of ICBC. Learn the lesson from the global financial crisis and understand the difficult situations and the crisis. System, flow, technology means and options of risk management should be revamped to stay in line with the new situation in order to keep the healthy development of ICBC and push economy and finance to a steady territory. Meanwhile, work must be implemented to complete the target required by New Basel Capital Accord and strive to be the first group of commercial banks in 2010 that execute the Advanced Internal Rating-Based Approach in New Basle Capital Accord and achieve the requirement of Internal Model-Based Approach, and fully implementation of New Basle Capital Accord by 2012.