Recently, China CITIC Bank released its 2023 Sustainability Report. Chairman Fang Heying said in his address to the report that sustainable development has become a “must-answer question” for high-quality enterprise development. China CITIC Bank will move towards “entering the competitive front of world-class banks”, help build a financial power with high-quality financial development, and closely follow the “Five Big Articles” to give full play to its financial capabilities and CITIC strengths.
The report shows that China CITIC Bank has always kept in mind the development mission of “serving the real economy and helping financial powers” and actively builds value creation capabilities that unify economic, environmental, and social benefits. In 2023, China CITIC Bank tried first, became an International Sustainability Code (ISSB) pioneering partner, and won many honors such as “Best Practice Case of the Board” and “ESG Best Practice Case” of listed Chinese companies.
Adhere to the overall service situation and unswervingly follow the path of supporting entities
China CITIC Bank has always taken serving the real economy as the fundamental purpose of business development, closely following national policy guidelines and industrial development strategies, and increasing financial support for key areas and weak links in the real economy.
By the end of 2023, China CITIC Bank's medium- to long-term and inclusive finance loan balances for strategic emerging industries and manufacturing industries reached 531.9 billion yuan, 258.6 billion yuan, and 545.1 billion yuan respectively, up 25%, 28%, and 22% year-on-year respectively, far exceeding the average growth rate of loans across the bank. At the same time, China CITIC Bank actively supports the country's technological self-reliance and self-improvement, and increases innovation and supply of science and innovation financial products. In 2023, the balance of science and innovation finance loans was 415.7 billion yuan, serving 27,144 “specialized, refined and new” enterprises. The digital innovation ecosystem of inclusive finance was awarded the “First Prize for Fintech Development” by the People's Bank of China.
Adhere to low-carbon development and unswervingly follow the path of green transformation
China CITIC Bank deeply understands that green development is the undertone for high-quality development, and it is also a major historical opportunity for banking business transformation and restructuring. In 2023, China CITIC Bank formulated a medium- to long-term green finance development plan, created a “1+N+N” green finance product lineage covering credit, bonds, insurance, and funds. Relying on the group's collaborative advantages, it innovatively launched the “green technology+green consulting+green finance” one-stop service model.
By the end of 2023, China CITIC Bank's green credit balance was 459 billion yuan, up 37% from the beginning of the year, and its investment green bond balance increased 58% year on year; underwrote the first sustainable development linked panda note in the domestic market to create a “China CITIC Bank Green Credit Bond Basket”; “CITIC Carbon Account” joined hands with China UnionPay's first “carbon account exchange system”. The number of users exceeded 8 million, and the cumulative reduction of emissions exceeded 10,000 tons. Furthermore, China CITIC Bank closely followed the pace of global climate governance, steadily promoted the construction of a “climate-friendly bank”, became a member of the “China Climate Investment and Financing Alliance”, and released the bank's first “Environmental Information Disclosure (TCFD) Report”.
Adhere to common prosperity and unswervingly follow the path of rural revitalization
China CITIC Bank actively supports the national rural revitalization strategy, uses diversified and multi-level financial products to provide strong impetus for rural transformation, and has become the only joint-stock commercial bank that has been awarded an excellent level of financial institutions serving rural revitalization for two consecutive years. In 2023, China CITIC Bank also launched the “Common Prosperity and Co-Creation” series of specialty wealth management products, extending investment and financial management services to remote counties and regions, innovatively launching specialty products such as “credit e-sales”, “frozen production e-loans”, etc., to continue to enrich the rural revitalization product spectrum and help build beautiful villages. The balance of agricultural loans was 560.4 billion yuan, an increase of 15% over the beginning of the year. In addition, the bank continued to increase its support for key areas such as industrial assistance, employment support, and industrial development in poverty-alleviation regions. The balance of accurate financial support loans increased 13% year over year, and loan balances in poverty-alleviation regions increased 16% year over year, benefiting more than one million customers.
Adhere to “finance for the people” and unswervingly follow the path of “people first”
China CITIC Bank clearly adheres to the people-centered value orientation, comprehensively enhances the quality and supply capacity of financial supply, and better meets the growing needs of the masses for a better life.
In 2023, China CITIC Bank will use the group's collaborative advantages to build the “CITIC Wealth Plaza” to provide customers with high-quality digital, online and inclusive wealth management services. The bank upgraded the “Happiness+” pension financial service system, built a closed loop of services covering “wealth, health, medical care, and longevity”, and formed a comprehensive service ecosystem covering the “Z Era,” “Mesozoic Generation,” and “Silver Generation,” and provided pension account services for more than 3 million customers. At the same time, the bank continues to make efforts in volunteering and charity, exploring the “Charity+Finance” product service model, innovating and launching the “Warm Children's Journey” series of charitable wealth management products, raising more than 5 billion yuan; relying on the “Aisin•Hui” charity platform, it has donated more than 210 “Dream Center” multimedia classrooms in remote areas.
Adhere to “being on the right track” and unswervingly follow the path of compliant management
China CITIC Bank adheres to high-quality development and a high level of safe and healthy interaction, continuously improves the modern corporate governance system, improves scientific and effective operation mechanisms, and scientifically prevents and mitigates financial risks. The risk compliance culture is becoming more and more deeply entrenched in the hearts of the people.
China CITIC Bank continues to improve risk management institutional mechanisms, build a risk control system that “effectively controls risk and promotes development”, further improves the “horizontal to edge, vertical to the end” compliance management system, and conducts more than 11,000 warning education sessions throughout the year. At the same time, China CITIC Bank continues to improve the consumer insurance system and mechanism, raise the level of intelligent risk prevention and control, and continue to improve the “Sentinel” anti-fraud risk control system, dissuade more than 1,000 defrauded customers, protect more than 100 million yuan of funds, and intercept more than 1.5 billion yuan of funds through investigation and control of suspicious accounts; in 2023, the number of product and service reviews increased 85% year over year, and the number of complaints decreased 17% year over year.
Adhere to “talent enforcement” and unswervingly follow the path to employee achievement
China CITIC Bank actively implements the talent concept of “gathering strivers, motivates doers, and successful people”, broadens career development channels, implements the “performance+ability” two-dimensional evaluation guide, thoroughly implements the “Baige Qianfan” exemplary talent project, launched the first batch of “original plans” for party building talent training, and has selected and trained nearly 7,000 people from all levels of management, professional and technical talents, and organized nearly 370,000 vocational skills training sessions; improve the employee care system, clear channels for employees to speak out, and “love to speak out” More than 10,000 grassroots questions and suggestions have been received and answered.
In the next step, China CITIC Bank will be guided by implementing the political and popular nature of financial work, with the vision of entering the competition of world-class banks, with the goal of creating more value for customers, closely integrating its own development with fulfilling environmental and social responsibilities, and contributing CITIC's strength to follow the path of financial development with Chinese characteristics.