On 29 September, China's Industrial Bank (CIB) and State Development and Investment Group Corporation (SDIC) signed a comprehensive strategic partnership agreement in Beijing. The ceremony was attended by Fu Gangfeng, Chairman of SDIC, and Lyu Jiajin, Chairman of CIB. Chai Yanli, Chief Financial Officer of SDIC, and Zeng Xiaoyang, Vice President of CIB, signed the agreement on behalf of their respective organizations.
The agreement outlines the commitment of both parties to leverage their respective strengths and enhance multi-dimensional collaboration in the industrial and financial sectors, including areas such as credit services, digital finance, investment banking, personal finance, and economic and financial sector research. The partnership aims to support a comprehensive industrial strategy, advance supply-side structural reform, foster a robust domestic demand system, create a diversified industrial landscape, and promote stable growth and high-quality economic development.
A discussion was held before the signing ceremony. Mr. Fu Gangfeng emphasized that SDIC has always been committed to serving China's national strategies, focusing on four key sectors: energy, digital/science technology, people's livelihood and health, and industrial finance. He expressed the hope that this agreement would mark the beginning of enhanced high-level communication and strengthened cooperation in areas such as green financing, bio-manufacturing, health and elderly care, and industrial finance, allowing both organizations to make use of their respective advantages and jointly promote the development of new quality productive forces.
Mr. Lyu Jiajun provided a brief overview of CIB's development history and distinctive advantages, noting the strong alignment between the strategic directions of CIB and SDIC and great opportunities for cooperation. He pledged to leverage CIB's strengths in its "three business pillars" - green banking, wealth banking, and investment banking - and its emerging focus on technology finance as its "fourth business pillar". This will help SDIC accelerate energy transition, technological innovation and industrial upgrading, contributing to the development of new quality productive forces and the establishment of a modern industrial system in China.
Established in 1995, the SDIC is a major state-owned enterprise directly under the administration of China's central government. It operates mainly in four sectors: energy, digital/science technology, people's livelihood and health, and industrial finance. Over the past 20 years, SDIC has consistently achieved A-grade performance in evaluations conducted by the State-owned Assets Supervision and Administration Commission of the State Council.