The real economy, as the foundation of the new development paradigm of China, is charged with the mission and vision of developing the country through development of industries. “The real economy cannot grow without the support of finance. The Chinese private banking industry should give play to its resource endowment and capability advantages in its position as the ‘intersection’ of retail banking, corporate banking and investment banking businesses and the top of the whole retail finance ecosystem to deliver financial vitality to the real economy and serve the entrepreneur group and the real economy they represent,” said Li Baoquan, General Manager of the Private Banking Department of ICBC.
Empowering the real economy with comprehensive services. As main financial service providers to the real economy, commercial banks play a vital role. Upholding the business philosophy of “integrity and steadiness”, ICBC Private Banking has promoted the integrated development of “family business, enterprises and industries”. We joined hands with entrepreneurs, seized the opportunities of national policies and made best use of ICBC’s professional advantages to jointly build a bank-enterprise ecosystem with quality enterprises, supporting the transformation and upgrading of the Chinese economy.
Developing charitable trust to assist inheritance of family businesses. The nature of wealth management is to improve the efficiency of asset allocation and support and share the value from the growth of excellent enterprises. The biggest good about wealth management is that the wealth management service provider can help others achieve success while helping itself. The “Charitable Trust for Partners” from ICBC Private Banking always assists clients achieving inheritance of both material and spiritual wealth, channeling wealth to public service fields and thus promoting common prosperity.
Bringing services deep into communities. The demand for financial services is growing. Over 70% of ICBC’s private banking clients are private business owners. To provide more convenient and better services to clients, ICBC has set up “ICBC Sharing Station” on the basis of existing service centers for the convenience of people. ICBC Private Banking has upgraded the comprehensive services for entrepreneurs in all respects and built the “finance + pan-finance” service system.
Developing green finance to support ”carbon peak and carbon neutrality”. The financial sector shall channel more funds into green-related industries, advocate green production, and encourage green consumption. With a deep understanding of green finance policies and regulations, ICBC Private Banking has developed well-matched high-quality financial services for high-quality development, and continued to improve the quality and efficiency of green finance services, to support the achievement of “carbon peak and carbon neutrality” goals.
Taking coordinated actions to support enterprises amid the pandemic. Affected by the pandemic, enterprises are suffering from shortage of working capital, while banks are facing obstacles in operation at brick-and-mortar outlets. Banks are required to strengthen online services to meet every service need as far as possible. ICBC Private Banking has taken coordinated actions to ensure the operation of primary-level institutions and services and kept improving the quality and efficiency of financial services.
Looking back, ICBC always put clients in the first place and gave full play to its advantages as a large bank to support the development of the private sector. Through charitable trusts, ICBC contributed its bit to common prosperity. Looking forward, ICBC Private Banking will continue to create social value, fulfill social responsibilities and improve the level of financial services for the real economy. We will keep a foothold in the new development stage, integrate into the new development paradigm, build a corporate-private integrated service platform for entrepreneurs, and promote sustained and coordinated development of enterprises with the economy, society and environment.