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MCC Group Convenes 2017 Financial Work Meeting
CopyFrom: Date:06 December 2017
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  On November 21st and 22nd, the MCC Group convened its 2017 Financial Work Meeting in Beijing. MCC Group & MCC Party Standing Committee Member and MCC Vice President & Chief Accountant Zou Hongying attended the meeting and made a work report entitled Perfecting the Management and Control System, Promoting Operation Efficiency and Contributing to Building a ‘Beautiful MCC’. The meeting was presided over by MCC Group Deputy Chief Accountant and Financial Planning Department Director Fan Wanzhu.

  The main tasks of the financial work meeting included making arrangements for the MCC Group’s financial final settlement and budgeting work, reporting the Group’s economic operation conditions from January to October 2017, summarizing the financial work of 2017, analyzing the Group’s current situations and tasks, and making arrangements for the key financial work in the next step.

  Zou Hongying pointed out that under the correct leadership of the Group’s Party Committee, the Group’s financial system shall earnestly learn and carry out the spirit and requirements of President Guo’s series of speeches regarding financial management work, focus on the key work, intensify strategic guidance, highlight and consolidate the financial foundations, highlight and strictly control financial risks, highlight and deepen service operations, highlight and promote financial performance, spare no efforts to strengthen implementation, enable the financial management and control foundation to become more solid and the financial management and control system to become more sound, and continuously promote financial operation efficiency towards the overall situation of sound development trends in accordance with the Group’s overall work deployments and yearly financial work arrangements at the beginning of the year.

  Zou Hongying made a comprehensive work summary of the financial capital work of 2017 in 11 aspects: first, the Group has unified its thought, clarified the concepts, strengthened implementation and constantly enhanced strategic leading roles; second, it has consolidated the foundation, perfected the systems, upgraded the management and promoted the forging of the main project management and control platforms; third, it has promoted sharing center construction and set up added-value tax management systems, making financial information management reach another new level; fourth, it has strictly grasped process control, strengthened execution analysis and obviously promoted the budgeting management level; fifth, it has insisted on overall resource planning, optimized financial structures and promoted financial value creativity; sixth, it has focused on PPP projects, solved financing difficulties and promoted financing landing; seventh, it has standardized property rights management, deepened capital operation and continuously promoted the capital market image; eighth, it has made concerted efforts, thoroughly cleared up defaults and taken many measures to reduce the ‘two funds’; ninth, it has changed the concepts, quickened transformation and gradually promoted the service operation capacity; tenth, it has gained good performance and credit support, and continuously promoted the international credit ratings; and eleventh, it has solidly carried out Party building work and promoted financial team construction. The report not only affirmed the performances gained but also pointed out key problems influencing the Group’s development which are of important guiding significance for the Group’s financial work.

  Zou Hongying then carried out a deep analysis of the Group’s financial management development stage, new opportunities from the 19th National Congress of the CPC and domestic and overseas economic financial situations, and made deployments for the key financial work in the next step. She emphasized that it is necessary to earnestly carry out President Guo’s requirements “to vigorously strengthen financial management and control system construction,” “subsidiaries’ headquarters must become platforms for centralized project management and control, and include the overall planning, scheming, budgeting, bidding and purchasing, capital allocation, financial audit, risk control, safety production and so on of engineering projects in the Company’s unified management platforms”, “it is necessary to guarantee that thoroughly clearing up defaults can produce actual effects with special measures” and so on, closely focus on development strategies, firmly establish and deal with the scientific concept concerning the balanced relationship between growth and risks, and carry out the financial principles of the ‘six insistences’, namely insisting on the principle that financial work shall be closely combined with enterprise development strategies, insisting on the principle that financial work shall closely surround the key points in business operation, insisting on the principle that financial work is based on risk aversion, insisting on the principle that financial work serves for establishing a sound operation mechanism, insisting on the principle that financial work aims at value creation and insisting on the principle of overall planning for financial resources. It is necessary to quicken financial transformation, consolidate the financial foundations, strictly control financial risks, deepen service operation, promote financial performance, build a first-class financial management system and contribute to building a ‘Beautiful MCC’. The concrete work will be carried out emphatically in the following ten aspects:

  First, it is necessary to correctly understand and profoundly comprehend the Group’s new requirements for financial management under the new situation. Second, it is necessary to insist on strategic guidance, set up scientific concepts and make overall plans to do well in financial work. Third, it is necessary to highlight element management and control, strengthen information support and promote subsidiaries’ headquarters to become the main platforms for centralized project management and control. It is necessary to insist on management and control concepts, and it is not only necessary to manage in place but also to promote operation efficiency. It is necessary to focus on management and control elements, namely cost management and control, and fund management and control. Two dimensions shall be focused on for cost management and control; one is consumption management and control, and the other is price management and control. Cost is controlled when consumption and price are controlled. It is necessary to focus on the key links and strengthen account management and fund payment management and control. Fourth, it is necessary to insist on overall resource planning, promote value creation and speed up asset turnover. It is necessary to promote centralized capital and promote the concentration ratio of collectable funds from 80% to 85%. It is necessary to strengthen the overall planning and management of financing, bills, foreign exchange and tax administration, and carry out the overall planning of financing and insurance resources in the supply chain. Fifth, it is necessary to strengthen process control, optimize resource allocation and give full play to the role of budgeting in strategic guidance, performance promotion and risk prevention and control. Sixth, it is necessary to be brave in undertaking, overcome difficulties and spare no efforts to promote the financing landing of PPP projects. Seventh, it is necessary to continuously and thoroughly clear up defaults, reduce the ‘two funds’ and quicken the turnover of current assets. It is necessary to strive to reduce the ‘two funds’ to some extent by the end of 2017. Eighth, it is necessary to solidly promote sharing center construction, quicken the new fund system operation and promote financial information to open a new situation. Ninth, it is necessary to seize and take advantage of opportunities to realize new breakthroughs in capital operation. And tenth, it is necessary to resolutely implement Party building duties, strengthen the Party building work of the financial team and cultivate a loyal, righteous and strong financial team.

  Fan Wanzhu conveyed the meeting spirit of SASAC and Minmetals’ Budgeting and Final Settlement Layout Meeting, summarized the financial final settlement work of 2017, pointed out existing problems and put forward rectification measures, and emphasized that the subsidiaries are strictly prohibited from trade financing and no-deposit trade in accordance with SASAC and Minmetals’ requirements. He then put forward ten job requirements for the financial final settlement work of 2017, made layouts and arrangements for the budgeting work of 2018, and laid a foundation for comprehensively accomplishing the budget indexes of 2017 and carrying out the budgeting work of 2018.

  During the meeting, new accounting criteria training was also carried out. As an A+H listed company, MCC shall implement the new income criteria in 2018 according to information disclosure requirements. Experts from the Deloitte Accounting Firm were invited to carry out business training regarding the new income criteria, and held an in-depth discussion to guarantee the MCC Group’s stable transition from old criteria to new criteria.

  In addition, representatives from the Financial Planning Department explained their preparations for the financial final settlement statements of 2017 and key concerns, the Financial Company introduced the new fund systems and CCB Principal Asset Management introduced the relevant PPP project financing situation.

  This meeting also included working reports by the chief accountants of subsidiaries, group discussions of financial work reports, senior accountant title evaluations and other activities. Rich in contents and tight on time, it was attended by MCC Group Liquidation Office Director and Financial Planning Department Deputy Director Zhang Yin, Treasury Department Director Zhang Hongjin and relevant personnel from the Enterprise Strategy and Management Innovation Department, Party Committee Organization Department, Investment Management Department, etc., as well as the chief (deputy) accountants, financial principals and statement preparers of the subsidiaries.


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