By Wendy Wang, Contributing reporter of bostonese.com
2015 Chinese Finance Forum, as an essential activity of the Beijing International Technology Expo, was held in Beijing on May 12 – 13. In his opening speech, Zhiming Bai, the chairman of the board of Huayin Kailai, stressed the need of resource integration for financial innovations.
Mr. Bai delivers the opening speech at Chinese Fiance Forum(provided to bostonese.com).
Heads of the state ministries from NDRC (National Development and Reform Commission), Ministry of Finance, SASAC (State-owned Assets Supervision and Administration Commission of the State Council), People’s Bank of China, CBRC (China Banking Regulatory Commission), CSRC (China Securities Regulatory Commission) and CIRC (China Insurance Regulatory Commission), officers from international institutes such as World Bank, IMF (International Monetary Fund) and Asian Development Bank attended this forum.
Well-known scholars, executive managers of financial investment institutions and multi-national companies, chose “Financial Innovations and Services under the Economic New Normal” as the theme. Forum attendees discussed about the leading edge, important and hot topics in the fields of macro-economy and finance.
Huayingkailai is the only and title sponsor of this event. In the forum, industry leaders, experts and outstanding enterprise representatives all shared their opinions. The following is full text of Mr. Zhiming Bai’s speech.
Transcript of Opening Speech of 2015 Chinese Finance Forum By Zhiming Bai
I am glad attending the Chinese Finance Forum and discussing industry development with so many leaders and industry elites. We, Huaying Kailai, devotes ourselves to being the top brand in the field of Chinese nongovernmental financing and lead the Chinese private capital’s healthy growth. We aim to become a substantial Chinese nongovernmental financing supermarket, serving all the consumers. In our opinion, innovation is the core and the foremost element of future development of the finance industry and the most imperative and important mission in companies’ development. If Nokia and Motorola had innovations all the time, there would not be Apple and Samsung’s rise.
The most essential part of financial innovation is the innovation in financial technology. We have registered BZM Financial Technology Company on Wall Street, New York and we plan to improve banks’ machine rooms with our innovative technology. We will improve the size of equipment cabinet from 2.78 meters tall to only 0.7 meters tall. We will improve the POS terminals and bank cards to be more intellect. We will improve the software and hardware of the banks to become more convenient and intellect. Our goal is to build a global intellect terminal payment system, which is globally unique and has the unique patent, and which is the only system that every bank and every card can use for the safest and most intellect payments and capital transfers. We are going to be the most intimate partner of banks and use technology to create a whole new financing experience for everyone.
The greatest breakthrough of financial innovations is the integration of financial resources and set up of the platform. Compared to the integration of capitals and financial resources, a successful harvest with a high rate of return is more difficult. If I am the owner of Nokia and Motorola, I will never give Apple and Samsung a chance to grow.
After a long period of insisting and exploring in the field of urban infrastructure construction, we have set up a safe and stable platform. Although the period is long, we finally have a good return from our input. Now, we have, on average, at least one city’s leader desires to cooperate with us on their construction project every day. Our goal is to be the absolute leader in the field of PPP no matter if it is either in the private field or in the state-owned field. Our target volume of revenue is 500 billion Yuan, which we predict to be completed by October 2015 based on our current progress. Additionally, we have targeted revenue volume of 500 billion Yuan in our international projects which are related to the plan of “One Belt and One Road”. We are the largest private construction companies group. We do not have even a single roller, a single tip lorry, a single excavator or a single letter. We are asset-lite. Our core is the platform which we built.
Absolutely, the most fundamental financial innovation is the innovation of business model. More properly speaking, we are an internet financial group because we have invested 6 internet finance platforms and we are exploring and innovating in every direction and model of internet finance. We must win with the mode and the innovation! In the future, if you use my system, other people cannot withdraw cash from your card even if they know your password and we are able to get your lost money back in any case. Many internet finance platforms present have developed well now. However, the industry is growing tremendously fast. If we do not innovate, we will soon lose our profit and die quickly. Therefore, we must think of innovation every day and use the innovations to create the core competitiveness to out-compete others.