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Guo Wenqing Delivers a Speech at the 22nd Central SOE Think Tank Salon & the 2nd China Minmetals Economic Forum

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On August 26, the 22nd Central Stake-owned Enterprises (SOE) Think Tank Salon & the 2nd China Minmetals Economic Forum, entitled "Analysis of Current Economic Environment and Metal Commodity Price", was held at the Minmetals Plaza. Mr. Guo Wenqing, the Third Chairman of the Central Enterprise Think Tank Alliance, China Minmetals' President and Deputy Party Group Secretary and MCC Chairman, attended the event and delivered the speech entitled "Aiming at the New Development Landscape and Giving Full Play to Central SOE Think Tank".

Guo Wenqing said that over the past four years since the establishment of the Central SOE Think Tank Alliance, we had firmly followed the important instruction made by General Secretary Xi Jinping about "Strengthening the Building of New Think Tanks with Chinese Characteristics", and earnestly studied and implemented the guidelines and policies of the State Council on the reform and development of SOEs. He also pointed out that to this end, we, by focusing on the principle of "Playing the Role of Think Tank and Counsellor in an Effort to Promote the Reform and Development of Central SOEs", had been improving the service capability and upgrading the mechanism of sharing, putting forward many valuable strategies and suggestions for the reform and development of central SOEs. At the critical moment of facing the overall strategy of the great rejuvenation of the Chinese nation and the changes unseen over the past century, we organized this salon to have an in-depth understanding of current economic environment and metal commodity price. The conclusion is to analyze the environment in a science-based manner and follow the development trend, in a bid to provide targeted and feasible countermeasures and suggestions for economic development, industrial upgrading and efficiency improvement of enterprises, and provide the support of Think Tank for the security of industrial chain and supply chain in China.

Guo Wenqing also said that China Minmetals strictly performed responsibly in serving as the holder of the third presidency of the Central SOE Think Tank Alliance, and was devoted to providing quality service for the alliance members and giving play to the role of the alliance as the coordinator among the members and the leader in the industry. As an investment company with state-owned capital, China Minmetals, a result of the restructuring of former China Minmetals and MCC (both among the Fortune Global 500), has taken the lead in ensuring the layout of the entire industry chain in the metal and mining industry across the world by following the strategic goal of "Three Steps, Two Doubles" and focusing on the primary task of serving as "the Key Role in Resource Guarantee and the National Team of Metallurgical Development" in recent years. In doing so, we have developed our distinctive competitive edge over other mining giants, achieving steady progress in our business and bringing increasing influence and voice in the industry. In 2020, China Minmetals ranked the 92nd place in the Fortune Global 500, still registering a 10 percent growth in the revenue of the first half of 2020.

Guo Wenqing expressed that against the backdrop of complex and changing global economic environment as well as the ongoing rapid spread of COVID-19 across the world, the world economy is in deep recession, economic globalization is fighting against the headwind, and global industrial chain and supply chain are moving fast toward restructuring. He emphasized that General Secretary Xi Jinping had stressed on many occasions that we should work hard to explore new opportunities emerging from the crisis to gradually develop a new development landscape mainly driven by domestic economic circulation and supported by mutual growth between domestic and international economic circulation. And General Secretary Xi Jinping has held multiple important meetings for safeguarding the industry chain and supply chain, and given many important instructions to this end. Xi also stressed that SOEs are the important underpinning material foundation and political foundation for the socialism with Chinese characteristics, and the important pillar and strong strength for the Chinese Communist Party to govern and rejuvenate the country, and that SOEs shall act as the main force in ensuring stability on the six fronts and security in the six areas, and further strengthen our responsibility as the backbone of the Chinese economy to safeguard the security of the industry chain and supply chain in China.

Guo Wenqing pointed out that the Central SOE Think Tank Alliance should firmly adhere to the mission of the central SOEs and aim at a new development landscape to play its role in the following three aspects:

Firstly, we should conduct science-based study and judgement of the market trend. The COVID-19 pandemic has exerted a deep impact on the world landscape, as well as on the security and growth in China, leading to many new environments and new problems threating our economic and social development. Right at this moment, we need to maintain our focus, analyze rationally and respond in a science-based manner so that we can identify and adapt to changes. The Central SOE Think Tank Alliance should focus on the major issues and strengthen in-depth study to create more practical and reliable measures. Take the bulk commodity for example, in the face of both supply-demand and price decline in the first half of 2020, China Minmetals proactively strengthened the study and held multiple meetings for making plans, and explored the countermeasure for divisions and changes in the industry.

Secondly, we should play a leading role in industrial upgrading. The fundamental of responding to the changes in the environment is to maintain the stability and competitiveness of our own industrial chain and supply chain, and leap towards a higher link of the value chain. The restructuring of the global industrial chain not only brings challenges to China, but also presents major opportunities of enhancing our industrial chain and supply chain. In particular, we should use innovation to make breakthroughs in core technologies, and take the lead in high-end fields and secure the position in leading the development of the industry. The Central SOE Think Tank Alliance should carry out the forward-looking study in relevant fields to find the right directions of and make key breakthroughs in, the transformation and upgrading of the industries in China.

Thirdly, we should play the role of integrating the ecosystem in the industry. To promote the development of one industry is by no means a job specific to one particular enterprise, but requires the concerted efforts of the enterprises upstream and downstream. The central SOEs play a leading role in the key industries and fields that bear on the national security and economy. Therefore, they should proactively work together with the enterprises upstream and downstream to build the industry chain and supply chain, and the sound ecosystem in the industry and economy. The Central SOE Think Tank Alliance should fully give play to its role of communication, and strengthen cooperation among the members and between the members and other enterprises, so as to boost the overall competitiveness of the industry system.

Zhang Ming, Director of International Investment Division, Institute of World Economics and Politics, Chinese Academy of Social Sciences, delivered the keynote speech as a special guest, entitled "Macroeconomy and Financial Market after the COVID-19 Pandemic". Jin Zhifeng, President of Minmetals Economic Research Institute, made a special report entitled "Path Selection and Profiting Strategy of Futures (Securities)". Experts, including Zuo Geng, Wang Feihong, Wu Yue, Zhang Xun, Chen Junquan and Song Xin, from Minmetals Economic Research Institute, made reports entitled as Analysis of Steel and Iron Ore Market in China, Analysis of Zinc-Nickle Market, Analysis of Copper Market, Analysis of Metal Market with Strategic Advantage, Analysis of New Energy Market and Analysis of Infrastructure and Real Estate Market respectively.

Other leaders from China Minmetals, including Jiao Jian and Ren Zhufeng, were present at the salon. This event is hosted by the Central SOE Think Tank Alliance and organized by Minmetals Economic Research Institute. Close to 600 people, from the National Development and Reform Commission, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) and other central government bodies, 16 members of the Central SOE Think Tank Alliance and their affiliated units, and 10 state media outlets, and departments of headquarters, directly-affiliated organizations and enterprises, were present at the site or via video conference.

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