On March 26, the 2019 annual conference of the Boao Forum for Asia (BFA) raised its curtain in the southernmost province of China, Hainan. The annual conference, with the theme "Shared Future, Concerted Action, Common Development", will explore solutions to the current difficulties encountered by economic globalization, such as protectionism and unilateralism, as well as the common challenges faced by both Asia and the world. This year's forum includes a total of 66 formal events focusing on five major international issues. Chairman of Reignwood Group, Mr. Yanbin was invited to the conference and gave a speech.
On the afternoon of the 27th, the TV session with the theme of “Reform for Converging Interests, Cooperation for Mutual Benefits” was successfully held. The “Dialogue”, in cooperation with the SASAC, invites guests to discuss questions including: What are the challenges faced by Chinese companies as China opens its door wider? How can Chinese and foreign companies enjoy inclusive development and a shared future? How does Chinese corporate governance fit in international practices? and How does mixing creates synergy and results in win-win situation?
Xiao Yaqing, Chairman of SASAC (The State-owned Assets Supervision and Administration Commission of the State Council), Wang Huisheng, Chairman of State Development& Investment Corp., Ltd, Dong Mingzhu, the Board & President of Gree Electric Appliances, Yanbin, Chairman of Reignwood Group, David CRUICKSHANK, Global Chairman of Deloitte, Jamie ALLEN, Secretary General of Asian Corporate Governance Association and David Daokui LI, Director of Center for China in the World Economy, Tsinghua University shared their opinions on those questions.
Mr. Yanbin said that “As an entrepreneur who has been engaged in the real economy for more than 40 years, 20 years at overseas and 20 years in China, I have experienced the important development process of reform and opening up; and I am a witness, participant, promoter and beneficiary of the reform and opening up.” He expressed that steadily pushing forward the mixed ownership reform is a practical measure for further opening-up, is also an innovative model which fits in with the market rules and an effective way to promote high-quality economic development.
In 2016, Reignwood Group acquired the former Far East Petrochemical Plant in Shaoxing, Zhejiang Province, and formed a mixed ownership partnership with Sinopec in 2017. Mr. Yan said, “I think this may be the first mixed ownership project after the 19th National Congress.” He also said that “In the past two years, our complementary advantages have enabled the factories that have stopped working to quickly resume production, and seized the peak period of the commodity market. In 2019, we paid 100 million yuan in local taxes. At the same time, we are also actively promoting the cooperation of the mixed ownership with the State Grid in navigation.”
He gave his opinions about the mixed ownership. First, the government should give a helping hand to the mixed ownership enterprises at their early stage. Second, mixed ownership enterprises should stick to the principle of creating opportunities together, shared profits and risks. Third, a consensus should be reached from bottom to the top.
At last he expressed that he is confident about and is looking forward to the future of mixed ownership and believe it could make its contributions to China’s high-quality economic development.