Dear comrades:

　　The 2008 work conference of China Everbright Group (“the Group”) was held today with a view to summarizing the reform, restructuring and all fields of work of the Group in 2007, and arranging for the tasks for 2008. The conference also mobilized all cadres and employees to continuously adhere to the strategy of “Four Regards and One Drive”, make great efforts to develop “Five Projects”, and open a new chapter in the reform and restructuring of the Group and development of business in an all-round way. Now I would like to put forward opinions in three aspects on behalf of the Board of Directors and the Party Committee of the Group:

1. 2007 is a year of historical significance in the development history of the Group

　　2007 is an unusual year of historical significance in the development history of the Group. Over the past year, all cadres and employees of the Group lived up to their duties and worked in a down-to-earth way. Under the circumstance where the competition in the market was fierce and conditions were harsh, they endeavored to create conditions to push forward reform, seek development, and gained new achievements in the reform and restructuring, business management and Party building of the Group.
In June 2007, the Central Committee of the CPC and the State Council decided to reshuffle the leadership of the Group, and elected a new leadership. The former leadership headed by Comrade Ming Quan did a good job and made important contributions to the reform and restructuring of the Group. Based on the work of the former leadership, the new leadership made a breakthrough and gained remarkable achievements in the reform and development of the Group through wide investigation and study and concerted efforts of all employees. In summary, the new leadership mainly devoted its energies to the following 10 aspects:
　　First, the new leadership actively pushed forward the formulation of the Group reform and restructuring plan. The Group actively reported to and asked for instructions from the State Council regarding the plan. Through research and demonstration by many parties and soliciting opinions repeatedly, the plan which attracted the attentions of all circles of the society was modified and amended many times, and finally was approved by the State Council on August 5, 2007 with the support of higher-level authorities, such as the People’s Bank of China, the Ministry of Finance and China Banking Regulatory Commission. The Group reform and restructuring plan was formally activated after three years and eight months of study, demonstration and amendment. The plan defined the basic essence, major principles and specific contents of the Group reform and restructuring, and enabled the Group to obtain the first license of state-held financial holding company. It is a significant milestone in the history of the Group.
　　Second, the new leadership put forward the work concept of “Adhering to ‘Four Regards and One Drive’ strategy and striving to push forward ‘Five Projects’”, and implemented the reform and restructuring in an all-round way. After formulation of the plan, the Group promptly organized and held the reform mobilization meeting. Central to attainment of the reform objective, the Party Committee of the Group established the general concept of “Four Regards and One Drive”, i.e. paying regards to the major contradictions, historical opportunities, key enterprises and internal management, and driving the development of the Group, and made the arrangement for “Five Projects”, i.e. reform project, management project, innovation project, morale project and talent project. Following the work concept and arrangement, the Group and all its subsidiaries innovated in their work approaches, strived to create a good atmosphere, continuously addressed weaknesses and steadily pushed forward the reform, restructuring and business development.
　　Third, thanks to the concerted and painstaking efforts, the capital increase of the Group was completed as scheduled. After formulation of the plan, the major contradictions of the Group reform and restructuring are to resolve the issue of intended capital injection into China Everbright Bank (“the Bank”) by the state as soon as possible. In order to complete capital injection as early as practicable, with the concern and support of the higher-level authorities, the Group, in collaboration with related parties, successfully resolved such major issues as shrinkage of equities of old shareholders and corporate governance structure concerned and discussed by each party in course of reform, by several months of painstaking efforts, repeated deliberation, and sufficient coordination, based on the principle of seeking common ground on major questions while reserving differences on minor ones. On November 28, 2007, the extraordinary shareholders’ general meeting of the Bank reviewed and approved the capital injection plan of China SAFE Investments Limited. On November 30, China SAFE Investments Limited injected RMB20 billion of equivalent in US dollars into the Bank.
　　Fourth, the new leadership organized and implemented the major work of the third campaign of reform and restructuring of the Bank in a timely manner. We summarized the reform and restructuring of the Bank as three campaigns, i.e. plan formulation, capital injection and IPO. By the end of November 2007, the first two campaigns have been finished. Based on repeated study and demonstration, we immediately set to prepare for the third campaign. The major contents of the third campaign include recovery of the historical accumulated losses, disposal of non-performing assets (NPAs), issue of bonds to replenish capital, introduction of strategic investors in due course, and completion of the IPO of the Bank finally. Currently, the work is progressing in an orderly way, and related proposals have been reviewed and approved by the new Board of Directors of the Bank.
　　Fifth, the new leadership kept a firm grip on not only the reform and restructuring of the Group, but also internal management, improvement of style of party work and construction of a clean and honest administration. In August 2007, the Group held a work conference on strengthening internal management, in order to earnestly implement the audit opinions of the China National Audit Office and the requirements of regulatory authorities. At the conference, the Group notified 10 typical cases of breaching discipline and laws, deeply analyzed and found the reasons of issues, and announced the decisions on punishment of related responsible persons. The move called forth strong response in the society and the Group, and pushed the cadres and employees of the Group, especially managers at each level, to have a keen understanding of the importance of strengthening internal management and preventing operational risk. The move also enhanced the ideology “breach of regulations means risk, security means benefit, and observation of laws means credit standing”, and energetically pushed forward the building of compliance culture. According to the requirements of the management work conference, the Group clarified the key points of five tasks, i.e. cracking down on major and important cases, paying attention to the areas where cases frequently happen, tracking rectification, strengthening internal control and attaching importance to the case accountability. The Group also stepped up efforts to combat corruption and build a clean administration of the Group.
　　Sixth, the IPO of China Everbright Securities Company was progressing smoothly. In order to boost the reform of the Group, the Group, in consideration of its conditions, put forward the requirements “The IPO of China Everbright Securities Company should be aimed to pave the way for the IPO of China Everbright Bank and reform and restructuring of the Group and to achieve leap-forward development”, and pushed forward the IPO of China Everbright Securities Company steadily and effectively. In August 2007, the shareholders’ general meeting of China Everbright Securities Company approved the plan of issuing not more than 520 million A-shares. At the end of September 2007, China Securities Regulatory Commission (“CSRC”) formally accepted the application of China Everbright Securities Company for the IPO. In late December 2007, China Everbright Securities Company formally submitted the application documents to CSRC. According to the work plan, China Everbright Securities Company will strive to complete the IPO by the end of this year.
　　Seventh, China Everbright Industrial Group Company was formally incorporated. In course of reform and restructuring, the Group has been attaching importance to the reform and long-term development, and actively pushed the establishment of China Everbright Industrial Group. The staff of China Everbright Industrial Group took the interests of the whole into account, and displayed high sense of responsibility. On November 30, 2007, China Everbright Industrial Group Company was formally incorporated, and signed an asset and liability transfer agreement with the Group. According to the agreement, the assets and liabilities related to the financial business will be retained in the Group, and those related to the industry will be transferred to China Everbright Industrial Group. The transfer agreement was formally approved by the Ministry of Finance on December 10, 2007. On December 27, China Everbright Industrial Group repaid all the historical debts of RMB1,633 million to the Bank, laying a solid foundation for the restructuring of the Bank and providing valuable time for the IPO of the Bank.
　　Eighth, the Group’s subsidiaries in Hong Kong maintained stability and achieved remarkable business development. With approval of the State Council, these subsidiaries remained unchanged in respect of organization, business and staff, during the reform of domestic subsidiaries of the Group. While maintaining stability, subsidiaries in Hong Kong actively developed business and contributed to the reform and development of the Group and the prosperity of Hong Kong, according to the requirements of “leveraging on Hong Kong, serving the Mainland, and engaging ourselves globally” put forward by the Group. China Everbright Limited, as a major financial arm of the Group in the overseas market, achieved substantial development in local business, investment banking and direct investment business. Its stock price surged remarkably. Everbright International has made more efforts to exploit environmental protection business in such key regions as Jiangsu and Shandong, and gradually formed the competitive edge. Other investment arms of the Group in Hong Kong liquidized remnant assets, adjusted structure, hedged risks and improved business performance year by year.
　　Ninth, domestic subsidiaries of the Group achieved good operating results by reform and innovation. The Bank perfected operational mechanism and business structure, and greatly improved the asset quality and overall profitability by management innovation, product innovation, service innovation, publicity and marketing. In 2007, it generated net profit of RMB4.57 billion, and reduced both the balance and the ratio of non-performing loans (NPLs). Seizing the precious market opportunities, Everbright Securities Company generated net profit of RMB4.63 billion, the best operating results in its history. Sun Life Everbright Insurance Company continuously launched business products in line with the market needs, and reaped premium income of RMB1.67 billion. Its financial position also turned for the better. Such subsidiaries as Everbright Investment Management Company, Shanghai Everbright Exhibition Center and Everbright Property Company also witnessed continuously improved operating results by strengthening of business operation, internal management, revenue enhancing and expenditure control.
　　Tenth, the Group strengthened the ideological and political education and organization centering on morale and talent projects, and endeavored to create a united and good work atmosphere. The Party Committee of the Group organized cadres and employees to earnestly study the essence of the 17th National Congress of the CPC, take into account the work and ideological conditions, and utilize the essence of the 17th National Congress of the CPC to arm their minds and guide the reform and work. The Group widely launched the morale activities, such as raising suggestions on reform. Cadres and employees put forward more than 1,400 constructive suggestions. The Party Committee of the Group studied these suggestions one by one and developed more than 200 rectification measures. In the building of talent project, the Bank selected the persons-in-charge of preparatory teams for Jinan, Chongqing and Wuxi branches by public recommendation in a trial way, thus making the selection and appointment of cadres more democratic, scientific and open.
The achievements made in the reform of the Group in the past year are hard-earned, and should be attributed to the correct leadership of the Central Committee of the CPC and the State Council, and to the guidance and support of the Organization Department of CCCPC, the People’s Bank of China, the Ministry of Finance, CBRC, the Ministry of Supervision, China National Audit Office and such departments as the Board of Supervisors. The achievements were also due to the painstaking efforts and union of cadres and employees, concern and support of retired leaders and comrades, and support of media and all circles of the society. I should also point out that the achievement in the reform of China Everbright Bank, the key point of the Group reform, could not be made without the understanding and concerted efforts of new and old shareholders. In the reform and restructuring of the Group, though there were disagreements between the Management and shareholders and between new and old shareholders, we had a common ground, i.e. we hope the Group has a good prospect. Such a common ground outweighs all disagreements. With such a common ground, new and old shareholders could take the interests of the whole into account, China Investment Corporation could provide timely help, and state capital injection could be made in a timely manner. China Everbright Group is to turn over a new leaf in its development history. Here I would like to express, on behalf of the Board of Directors and the Party Committee of the Group, my heartfelt gratitude to the people who gave support to us.

1. Four battlegrounds of Group reform in 2008

　　The Group is a super state-owned group engaged in banking, securities, insurance and industry. As a window for reform and opening up of China, the Group has made great efforts and contributions to the development of Chinese economy and finance as well as the prosperity and stability of Hong Kong. It plays an important role in China’s national economy and financial industry. Its development history had ups and downs over the past 25 years. Now the Group still faces many difficulties and problems. From an overall perspective, it must reform in order to survive. To help the Group revive, the State Council approved its reform and restructuring plan, endowed the Group the historical mission of “establishing the first financial holding group in China, and striving to succeed in the pilot project of integrated financial operations”, and designed a blueprint of integrated financial operations. The reform and restructuring of the Group will be carried out on four battlegrounds.
　　The first battleground is financial enterprises. The Bank should win the third campaign based on the first and the second campaigns, with the focus on the five battles with an aim to going public. The first battle is to study the recovery of accumulated losses.
The Bank’s historical losses of approximately RMB3.7 billion as of the end of 2007 should be offset before the Bank makes an IPO. That needs repeated communications with and reporting to related parties, and understanding and support of related parties. The second battle is to study the issue of subordinated bonds. After the state capital injection, the Bank’s capital adequacy ratio reached 7.11%, with a capital gap of RMB5 billion. The Bank intends to fill in the gap by issue of subordinated bonds. The third battle is to dispose of non-performing assets. In order to make the Bank’s NPL ratio approach to the average level of listed banks, it needs packing disposal of NPAs on a large scale. The fourth battle is to introduce strategic investors. The strategic investors to be introduced should have both will and strength to cooperate. And the cooperation must have a good prospect. The Bank will introduce strategic investors based on the principle of “beneficial to us, selected by the market, open and transparent”, and attract talent and sound governance by attraction of capital. The fifth battle is to go public. According to the development trend of domestic and foreign capital markets and based on the overall analysis of internal conditions of the Bank and external environment, the Bank should strive to go public as early as practicable. Besides, it should attach importance to business development and long-term planning. Not long ago, I said four words, “the Bank should start up within one year, take on a new look within three years, form its own features within five years and hold the lead in the industry within 10 years.” These words have concrete contents and requirements. You may discuss whether they are scientific, accurate and feasible.
　　Everbright Securities Company is an important part of the first battleground. We should endeavor to make it go public as early as possible in this year. In respect of business development, we should form the first-mover advantage in such innovative businesses as QDII, stock index futures and direct investment. In respect of brokerage, asset management and underwriting business, the Bank should strengthen cooperation with China Everbright Limited. Its operations should comply with laws and regulations.
　　Sun Life Everbright Insurance Company should continue to, based on the principle of “Being beneficial to the company and developing steadily”, give play to the joint-venture advantage, late-comer advantage and Group advantage, devote more efforts to marketing, innovate in business products, achieve rapid growth of premium income, and keep improving its financial results.
　　The second battleground is “industry”. China Everbright Industrial Group Company should address related party transactions as early as possible after taking over the transferred assets and liabilities. Meanwhile, it should improve internal organizational framework and internal control mechanism, and help each other and achieve business complementation and common development with the Group.
　　China Everbright Industrial Group should innovate in system and mechanism, adapt to new situations and new requirements, achieve bigger development in fierce market competition, continuously improve economic added value and bring good returns to shareholders.
　　The third battleground is to establish China Everbright Financial Holding Group Company (“China Everbright Group”). We aim to transform China Everbright Group from an administrative management-type institution into a modern financial holding enterprise which takes equity management as the means, capital operation as the vehicle and the enhancement of competitiveness as the core.
　　It is a heavy and arduous task to win all battles on the third battleground. In this year and a period of time thereafter, we will face the following tasks: first, we should make clear debts, complete debt-for-equity swap and consolidate capital as early as possible. Second, we should get well prepared for the establishment of China Everbright Financial Holding Group. Third, we should improve corporate governance mechanism, formulate development strategy, transform operational mechanism and accelerate business transition. Fourth, we should strengthen the building of the team of cadres and talented people. Fifth, we should exploit business, gradually improve business products, and expand business size, including expanding insurance segment, and achieve parallel development of banking, securities and insurance business. Sixth, we should give play to the role of China Everbright Limited as a financial flagship of the Group in Hong Kong, strengthen operations in the capital market and quicken the pace of business development.
　　The fourth battleground is Hong Kong. On the current stage, the Group’s subsidiaries in Hong Kong will follow the principle “Three Don’ts” to carry out their work. These subsidiaries should take advantage of current good business development trend and favorable opportunities to expand their business, strengthen business interaction with domestic subsidiaries of the Group, so as to make them stronger and bigger. In the next step, after domestic subsidiaries succeed in reform and restructuring, the Group should study a plan on restructuring of subsidiaries in Hong Kong in line with the principle “Three Beneficials”, i.e. “beneficial to the consolidation of the reform achievements of domestic subsidiaries, beneficial to the development of subsidiaries in Hong Kong, and beneficial to the prosperity and stability of Hong Kong.”
　　The four battlegrounds of Group reform are closely related and distinguished from one another. This year, we should win a decisive victory on the first and second battlegrounds. Especially on the first battleground, we should succeed in the IPOs of China Everbright Securities and China Everbright Bank, to drive development of other business lines; on the third battleground, we need to have a good start, lay a solid foundation, and seize opportunities; on the fourth battleground, we should draw up feasible plans in line with the situations and conditions of the Group.
　　3. Strive to win a victory in the reform and business development of the Group in 2008
　　The reform of the Group is arduous but glorious. While China’s economic and financial environment remains healthy and stable, we should leverage on the favorable opportunity of Group reform to clarify new tasks, study new issues, put forward new ideas and gain new achievements.
There are many favorable factors to do a good job in 2008. First, the 17th National Congress of the CPC has made strategic arrangements for the reform, opening and socialist modernization and put forward new requirements on attainment of the objective of building a well-off society in an all-round way. The scientific concept of development has permeated through the people. Second, China has a lot of significant and happy events in 2008. It is the 30th anniversary of China’s reform and opening. In this year, the 2008 Beijing Olympic Games will be held in Beijing, the government will be re-elected, and China’s support for the reform of state-owned enterprises will be enhanced. Third, China’s economic fundamental continues to show an upturn trend, and the foundation of bull market still remains. China’s GDP grew by more than 11% in 2007, the fifth successive year to achieve the growth rate of over 10%. The economic growth is expected to go down slightly this year, but it will remain rapid and healthy. The quality and benefit of economic development will remarkably improve. As for the capital market, the factors that boost the stock market to go up in a long term still exist, the fundamental is still good, and the room for appreciation of stock prices still remains. Fourth, the Group has a certain development foundation and competitiveness. As of the end of 2007, China Everbright Bank’s total assets reached RMB725.7 billion. It has strived to reduce its NPA ratio to 4.46%, compared with 5% required for listed banks. China Everbright Securities Company has entered into the list of top 10 securities companies in terms of integrated business income and turnover. Sun Life Everbright Insurance Company has penetrated into Shanghai, expanding its strategic pattern in the Yangtze River Delta region. Everbright Investment Management Company improved its return on investment, yielding per capita profit of over RMB2.5 million. Shanghai Everbright Exhibition Center's presence in the market kept expanding, and its profitability largely improved. Everbright Property Company has completely ended losses which lasted for eight successive years. The market image of China Everbright Limited and Everbright International was getting better, and their market value has increased to more than HKD50 billion.
In the meanwhile, we should also notice that the Group’s reform and development will face some new difficulties, mainly three uncertainties. The first uncertainty is domestic economy. On the one hand, last year the central bank raised interest rates six times and reserve ratio on deposits ten times, and issued earmarked notes many times, suggesting a tight monetary policy is adopted, which will bring lag effect to the liquidity of banks this year; on the other hand, currently, though the issues of overly rapid growth of fixed asset investment in economic operations, extension of too much money credit and overly large foreign trade surplus were controlled to a certain degree, they have not been completely addressed. In order to prevent relatively rapid economic growth from being overheated, and prevent structured price increase from shifting to apparent inflation, China has started to pursue a prudent fiscal policy and a tight monetary policy, and it will further strengthen macro-control. The second uncertainty is international economy. The spreading of the subprime mortgage crisis in the US and the increase of global oil price will affect the US and other major economies. Its impact on China’s financial industry is difficult to forecast for the time being. The third uncertainty is ourselves. The "Two Prevents" in respect of macro-control and the pursuit of prudent fiscal policy and tight monetary policy will bring a series of chained impacts on the financial market, especially after the effect of reserve ratio on deposits, benchmark interest rates of deposits and loans, open market operations, control over loan growth and other monetary policy instruments began to gradually emerge. Medium-size financial institutions, such as China Everbright Bank, will face considerable pressures and challenges in terms of deposit-taking and lending business, liquidity risk management, credit risk control and financial business innovation. Under such a circumstance, we must be clear-headed and get well prepared for it.
　　We should have a clear mind and take challenges and risks into full consideration. We should think carefully about countermeasures, consider the situations, and seize favorable opportunities. We should deliberately make decisions and go ahead step by step.
　　First, we must unify ideas and push forward reform steadfastly. There is a prevailing view regarding the Group reform: no reform means waiting for dissolution, reform means looking for trouble. The first word is undoubted, because the Group could not find way out, the Bank could not develop, and the interests of their employees could not be secured without reform. The historical debts of the Group and the failure of the Bank to work out the annual report are big troubles for us, not to mention the management capability, operational mechanism and corporate culture and such other weaknesses which could not be changed within a short term. With respect to the second word, man proposes, god disposes. Reform usually should adjust the interest relation, change the balance structure, transform system and mechanism, and tackle contradictions and conflicts. It is complicated and concerns various parties, and requires we work carefully and properly, and make scientific decisions. If the effort and rhythm of reform are not precise, the reform may fail even though the reform direction is correct and train of thought clear. For instance, if boiling water is directly poured into a cup in winter, the cup will crack. Accordingly, we must first wash the cup with warm water, thus the cup will not crack and we can drink boiled water. The same applies to the Group reform. We should pay high attention to the approach and rhythm. Therefore, the staff of the Group, especially the Party organizations and Party members at each level, should further unify their ideas, understanding, strength and action. They should have the courage to reform and sacrifice, the wisdom to smoothly push forward reform and accomplish reform tasks, and the will to carry the reform through to the end and win a thorough victory on the four battlegrounds. 
　　Second, we must work out scientific plans and make overall arrangements. The four battlegrounds are an overall layout, a long-term task and a complicated systematic work. First of all, we should make a scientific plan. All staff of the Group should be of one mind and map out a blueprint in light of the Reform Plan approved by the State Council. Meanwhile, the long-term plan should be dynamic and concrete. As the reform and restructuring become increasingly difficult over time, we must get mentally prepared. For example, it is expected that this year macro-economic situation will be still good, and capital market will continue to go strong. However, it is merely theoretical analysis, and we must get early prepared and make correct judgment for the circumstances that are inconsistent with expectation, especially the trend of downturn.
　　Third, we must strive for more support from regulatory authorities in order to create a sound external environment. The formulation of Reform Plan was attributed to the concern of the Central Committee of the CPC and the great support of related departments, and its implementation and amendment should also need the concern and support of the authorities. We should report to and ask instructions from authorities regarding related matters whenever practicable, so that we can avoid detours and ensure the reform is carried out in a correct way. The Group should, based on the systematic demonstration and summarization, seek more policy supports from the state, especially preferential policy supports for the establishment of a financial holding group and exploitation of integrated financial operation on a trial basis. Here I would like to specially mention the support from new and old shareholders, especially China Investment Corporation. The Group and its new and old shareholders have the equity investment relation. But the understanding and support of new and old shareholders is most important. The shareholders need to safeguard their own interests, but the maintenance of shareholders' rights and interests is consistent with the development of the Group. Therefore, we should communicate with and report to new and old shareholders, especially China Investment Corporation, whenever practicable, in order to seek their understanding and support. These shareholders have given much understanding and supports in the past, but we should continue to seek new understanding and supports from them.
　　Fourth, we must rely on our employees and deepen the building of morale, talent and management projects. The Bank’s restructuring faces the problem of funding. The Group’s reform faces not only the problem of funding, but also the problem of reposition of redundant personnel. Here I would like to tell you that the Party Committee of the Group is studying in earnest a plan to properly treat every cadre and employee and give play to the role of every kind of talented people, on the principle of being beneficial to the reform and development of the Group and beneficial to the protection of the interests of employees. The Group will recruit a number of high-caliber innovation personnel, and existing employees will be given the opportunity to accept training and learn financial knowledge.
　　It is of particular importance to deepen the building of morale and talent projects and cultivate advanced and excellent corporate culture. During the development of an enterprise, business is the branch, system is the trunk, and culture is the soul. Culture is the soul and the most important intangible asset of an enterprise. However, the kernel of the soul is the values. The Group once cultivated its own advanced cultures, such as aggressive culture developed in difficult and complicated environment, innovative culture developed in the fierce market competition, and the culture of overall interests developed in the conflict of various interests. Meanwhile, the Group also accumulated some negative cultures, which led to some adverse effects and should be shaken off. Now we should regard people as the most crucial asset, reshape the corporate culture of the Group, and enhance the morale of employees. All cadres and employees should conscientiously live up to “Eight Honors & Eight Disgraces” of the Group, i.e. love, do not harm the Group. Be eager to learn, do not stop forging ahead. Reform and innovate, do not live in the past. Uphold science, do not make rash advance. Be disciplined and law-abiding instead of chaotic and lawless. Do solid work, do not play tricks. Take overall interests into account, do not seek private interests. Be diligent and devoted, do not be extravagant and wasteful. We should advocate “Three Mores and Three Lesses” in the Group, i.e. more studies, less discords; more suggestions, less anonymous letters; more positive publicity and explanation, less rumors. We should encourage people with promising prospect, strengthen rallying power with grand cause, give an incentive to people with scientific mechanism and create a harmonious environment. Staff should concentrate their efforts and energies on work, and devote wisdom to their posts. As an important part of corporate culture building, we should attach great importance to the cultivation of the corporate culture of diligent and clean administration, and earnestly implement the Implementation Guideline for Establishment and Improvement of Corruption Penalization and Prevention System with Equal Emphasis on Education, System and Supervision formulated by the central government and the essence of the Second Plenary Session of the 17th Central Commission for Discipline Inspection of the CPC. We should improve the work style of the Party members and build a clean and honest administration, and continue to adhere to the guideline of “seeking a comprehensive approach to see both a temporary solution and a permanent cure, placing equal emphasis on penalization and prevention and paying attention to prevention”. Focusing on the improvement of the corruption penalization and prevention system, we should keep a closer eye on the permanent cure, prevention as well as system improvement, further broaden the areas for corruption prevention at the sources, and strengthen inspection of clean administration and efficiency. We should use the positive cases to guide people, negative cases to caution people and system to bind upon people. We should advocate healthy atmosphere and set ourselves against evil trends. Through long-term unremitting efforts, the Group has formed core values and concept of honor and disgrace recognized by cadres and employees, as well as the spirit and philosophy of the Group. That enabled the Group to have strong rallying power, creativity and competitiveness, and enabled employees to regard the Group as home and plume themselves on the Group. While building the corporate culture, we should continue to adopt effective management as required by the management work meeting of the Group.
Comrades, the reform and development of the Group will undergo various hardships. All staff must theoretically deepen the understanding of scientific concept of development, consciously implement the concept in practice, and endeavor to carry the concept through every aspect and link of reform and development. 　　After the conference, each unit should communicate the spirits of the conference to all cadres and employees in time, innovate in working ideas, improve working mechanism, and address work difficulties. We should be realistic and pragmatic, blaze new trials in a pioneering spirit, and work hard to create a new situation in the reform and development of the Group.