Shao Ning, member of the Party Committee and vice chairman of State-owned Assets Supervision and Administrative Commission of the State Council (SASAC) was in Beijing July 11 for a meeting with responsible comrades from COFCO and other state-owned enterprises (SOEs).
Ning Gaoning, secretary of the leading Party member’s group and chairman of COFCO, reported to Shao Ning on the work of COFCO, reporting that smooth progress was made in all areas of the group’s business and that H1 operations were fairly stable . On another front, major progress was made in the effort to buy stock in two listed companies, Shenzhen Baoheng and Xinjiang Tunhe in the effort to develop an important and comprehensive platform and capital market financing platform for COFCO’s corresponding business activities. COFCO has formally begun establishment of a 6S management system, which will eventually become a routine management tool used from top to bottom and in every department. Finally, through the annual meeting of management personnel and high-level strategy conferences, COFCO confirmed its mission, vision, overall strategy, corporate spirit, industry strategy, regional strategy, organizational strategy and standards for management personnel as well as began to work out the details of a competitive strategy for each business division.
Responsible comrades from China Mobile, State Development & Investment Corp. (SDIC), China National Building Material Group Corp. (CNBM), China National Agricultural Development Group Corp. and China International Travel Service (CITS) also delivered reports.
Shao Ning pointed out that all the companies represented at the meeting were doing well in terms of operation and management and that there was a strong awareness of enterprise values, modern management and the importance of development at the level of the executives and managers, resulting in ample progress in their work.
Shao Ning indicated that the SASAC would be taking a number of approaches to help SOE’s resolve the problems left over from the past historical period still plaguing them to differing degrees.
Shao Ning emphasized that it was important for SOE’s to energetically address issues such as the overhaul of their business model, separation of core and secondary businesses, clear definition of duties and responsibilities of companies in groups and the management of enterprises producing final products.
COFCO was also represented at the meeting by Liu Fuchun, president, and Ma Wangjun, deputy director of the Finance Department.