Improving Quality and Efficiency: Sinochem Mingda in Action — Sinochem Mingda Holds a Meeting to Address Losses, Rectify Deficits, and Curb “Two Types of Funds” at Key Units
Release date:
2022-08-17 08:52
Source:
To implement the State Council’s SASAC directives on ensuring steady growth and managing risks, and in alignment with the General Administration’s requirements for improving quality and efficiency, the Group (Administration) convened a special meeting on turning around losses and curbing “two‑asset” levels. During the meeting, it held talks and provided oversight for six key units tasked with reversing losses and controlling “two‑asset” metrics. Liu Xingwang, Deputy Secretary of the Group Party Committee and General Manager, and Chen Haiyong, Member of the Party Committee and Chief Accountant, attended the meeting and delivered remarks.
At the meeting, six entities—the Northeast Company, Shaanxi Institute, Jiangsu Institute, Henan Bureau, Mingda Ocean Company, and Guangxi Institute—each reported on their progress in turning around losses and curbing “two‑asset” liabilities for the period January–July. The meeting noted that these six units have achieved only modest results in reversing losses and controlling “two‑asset” liabilities, with persistent issues including year‑on‑year increases in loss amounts and failure to meet targets for both reducing existing “two‑asset” balances and managing new additions.
Chen Haiyong pointed out that the Group (Bureau) will further strengthen performance assessments for deleveraging, reducing debt, and cutting “two‑asset” balances. The entities subject to talks are required to aim at “reducing existing levels while controlling new additions,” adhering to the principle of “no reduction in existing stock, no room for new growth,” and employing a multi‑pronged approach to achieve their annual targets. At the same time, all units were urged to firmly embrace the principle that “not falsifying accounts is an iron rule,” ensuring the authenticity of revenue and profits, the accuracy of statistical data, and strict compliance with financial discipline, thereby comprehensively consolidating and enhancing the quality of accounting information.
Liu Xingwang emphasized that the entities subject to the talks must attach great importance to turning losses into profits and controlling “two types of funds,” and, guided by the overarching principle of “enhancing quality and mitigating risks,” redouble their efforts in planning and implementation. First, all units must firmly assign responsibility to leadership, raise awareness, and ensure coordinated collaboration among finance, operations, and marketing departments to formulate and implement practical, actionable corrective measures. Second, focusing on core responsibilities and primary business areas, they should vigorously expand markets, strengthen cost control, accelerate the commercialization of scientific and technological achievements, and strive to improve profitability. Third, all units within the Group must stand united, work in concert, leverage each other’s strengths while addressing weaknesses, and pursue win-win cooperation, thereby ensuring the timely and high‑quality completion of the 2022 work objectives and actively advancing the Group’s high‑quality development.
The principal responsible person of the entity subject to the interview stated that they would raise awareness and strengthen accountability. On the one hand, they will reinforce operational management, intensify market development efforts, expand revenue streams while curbing costs to enhance efficiency, thereby fostering sustained improvement in business performance. On the other hand, they will step up collection of accounts receivable, refine the reward-and-punishment mechanism, and make every effort to achieve the annual work targets.
Relevant personnel from the Group’s (Bureau’s) Asset and Finance Department, the Market Development Division, and the Comprehensive Supervision Office attended this meeting.
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