Keep abreast with the world and strike brilliance
——50 years of glory of China Construction Bank
Oct. 1, 2004, the 50th anniversary of China Construction Bank
With 50 years of devoted efforts and reform, it is now the season to ripe and harvest. It is especially so for a modern commercial bank who is soaring high towards international standards while carrying glory, expectations and dreams.
Fifty years of growth and innovation has, however, been a difficult and bitter process for a financial institution which is conducting thorough system reform and overall rebuilding of a brand-new commercial bank.
Keeping in pace with the growth of the country, China Construction Bank (CCB) has gone through the difficult launching process in the 1950s, the twists and turns in the 1960s & 1970s, flourishing development in the 1980s, aggressive reform in the 1990s and innovation in the beginning of the 21st century. Now it has developed into a key financial supporting force to the country’s energetic economy with powerful strength, sophisticated functions, excellent service and advanced technology. Historical breakthroughs have been made.
The favorable external conditions are helping CCB to grow. During the Third Plenary Session of the Sixteenth CCP Central Committee, the government called on the state-owned commercial banks to speed up restructuring and system-changing, and to create an environment to get publicly traded and enter the international financial market. This has pointed out the direction of CCB’s further development. At the end of 2003, the State Council made the decision that CCB and Bank of China try to become shareholding banks. Again, CCB had become the bellwether in China’s financial reform. On Sep. 17, 2004, China Construction Bank Corporation was founded. This is not only a milestone in the history of CCB, but also a significant achievement of the reform of China’s banking industry.
Today, while we look back in the past unforgettable 50 years, it is so exciting for all those who have taken part in the process.
The past is just like a melody...
In May 1954, the Ministry of Finance proposed to the Central Financial Committee to ask the Government Administration Council to approve the setting up of a special bank to supervise the appropriation on fundamental construction investment. On Jun. 18, the Central Committee of CCP approved “Proposal on Setting up Fundamental Construction Special Bank” submitted by the Central Financial Committee. On Sep. 9, 1954, on the 224th session of the Government Administration Council of the Central People’s Government, “Resolution on Setting up China Construction Bank” was approved and Ma Nanfeng, who was then the General Manager of “Bank of Communications”, was appointed to be the president of CCB. On Sep. 11, according to the resolution by the Administration Council, the Ministry of Finance worked out and issued “Notice on Formally Setting up China Construction Bank on Oct. 1”. As a result, CCB was founded on Oct. 1 throughout the country and the official seal was started to use.
At 9:50am on Oct. 1, everybody was watching at the Tian’anmen Square to celebrate the 5th anniversary of the birth of the country. Yet very few people noticed that in a place that was less than 100 meters away from the square, a big event of China’s financial history was taking place. While the whole nation was celebrating joyously, CCB was declared to be founded.
In the office which must have been small and shabby, in the quite long period after 1954, the construction funds on each and every major project on the land of China were controlled here. The projects not only included the symbolic buildings close to the CCB office like the Great Hall of the People, Monument to the People's Heroes and the Tian’anmen Square, but also the faraway industrial backbones, such as Changchun 1st Automobiles Plant, Anshan Steel Company, & Wuhan Yangtze River Bridge. In those years, without the approval of the CCB, not a single penny could be spent, not even to buy one piece of brick...
In those years, there was a popular saying within CCB. “Where there are key projects, there are CCB.” On the dike of Huai River, there was Bengbu Special Branch to manage the appropriate funds for the river; within Changchun Automobile Plant, Mengjiatun Special Branch was set up; on the site of Xinanjiang Power Station, which is the first China-designed hydropower station, Xinanjiang Special Branch was established. During the first 5-year plan, 88 special branches dealing with major construction projects were set up in 16 provinces, autonomous regions and municipalities. Relevant branches were set up in the top 10 steel bases, 8 heavy-machinery plants, mining regions in the northeastern, northwestern and northern parts of the country and various cotton-spinning industrial bases. Cross provincial special branches were set up for the railway system, too. All these had helped to ensure the allocation and supply of the construction funds, and to prioritize the development of steel, machinery, energy and cotton-spinning industries.
This approach of setting up industry-specific branches has been adopted as a key principle in setting up future branches in the following 50 years. Today, on the sites of “3 Gorges”, “Tsinghai-tibet railways” and “Shenzhou V emission”, there are thousand of CCB employees working for the key-projects of China, representing the country’s image. To support these key projects is one of the important errands that the government has entitled CCB to do.
Regarding the responsibilities, apart from providing in-time supply to support key projects, to supervise the appropriate uses of the construction funds is another important component.
In Feb. 1961, Mr. Deng Xiaoping, the then General Secretary to the Central Committee of CCP, pointed out in a meeting that, “The work of CCB is crucial since it is the door-keeper of the country. CCB shall follow the plans of the country. Only those projects that are listed in the plan shall be funded. Otherwise, even if the projects approved by God shall not be funded and it will be breach of duty.” Later on in the 1960s and 1970s, this instruction had always been the guiding principle of CCB.
progressing in the torrents...
In Dec. 1978 during the 3rd plenary session of the 16TH Central Committee of CCP, it was stipulated that we should focus on economic development and have entered a new phase of reform and open-up. As encouraged by reform and open-up policy, CCB started a new chapter.
From 1979 to 1993, as a state-owned special bank, the development of CCB had been closely related to the systematic reform of fiscal, financial and investment industries. During this process, a clear guideline came up for CCB, which was to expand and enhance the banking functions while reforming and strengthening the financial functions. Actually, during this process, there were 2 phases for CCB. From 1979 to 1984, CCB gradually grew up to be a special bank from an affiliate to the financial agencies and CCB had started to operate like a bank; from 1985 to 1993, the credit balance sum of CCB was included in the country’s credit planning system, the financial business started to take shape and expand, the functions of the bank are improving gradually and the transformation from a government agency to an enterprise was started.
Mr. Cao Erjia, former General Manager of China Investment Consultation Company, recalled during an interview with a journalist that in 1979 on a First Secretaries Conference of the provincial party committees, Mr. Deng Xiaoping made the following remarks. He said that CCB should also play the role of leverage. Now that the name is construction bank, it should also learn to open more doors to do real business, rather than just sitting there making calculations.
The philosophy breakthrough has led to the change in the working functions. Starting from 1979, the development of CCB entered into a new historical level. On Aug. 28, in order to meet the demand of the economic development after the reform and open-up, and to put in force the policy of “changing from appropriation to loans”, CCB was promoted to be an organization that is under the direct leadership of the State Council.
In May 1983, the government approved CCB to be a special state-owned bank which would be on its own balance sheet to manage the fundamental construction investments. This decision later on was regarded as the beginning for the 11 years of “The period of a Special Bank” within CCB.
After the supervisor status of CCB was promoted, as a special state-owned bank managing fixed-asset investment, while continuing to give play to the fiscal functions, the financial business and the varieties of different businesses were expanded, to cater to the demand of reform and fast-growing national economy. With the reform of the financial systems going deeper and the total credit amount by CCB climbing quickly, in Apr. 1985, the State Council decided to reform the capital management system of CCB and to incorporate the credit balance sum into the national credit planning system. In Aug. 1985, Bank of China and CCB made the decision to adopt the method of “unifying planning, splitting capital, actual loans and deposits and mutual flowing” to manage the credit capital. Since Nov. 1, 1985, the credit balance of CCB had been included in the nation’s comprehensive credit plan like any other special banks. Accordingly, CCB has become a special state-owned bank within the central banking system in the real sense.
From 1985 to 1993, CCB had not only achieved the historical breakthrough from “financial cashier” to bank credit, but also laid a historical foundation in China’s banking system.
Within this period, although the financial functions borne by CCB were changed from administrative endorsement into agency performance, the financial functions of CCB were not weakened but enhanced. This includes five major aspects, which were “budget, final accounts, finance, system and supervision”. As opposed to the previous functions of “handle 2, manage 3 and supervise 1”, there were new realms on both connotation and extension.
First, to implement the policy of changing the investment appropriation into loans within construction budgets. From 1985 on, this policy had been carried out nationally. By the end of 1993, the investment balance amounted to RMB 70 billion with regard to this policy. Secondly, to explore the setting up of fundamental construction funds system and fund management rules. Thirdly, to strengthen the function of managing the fundamental construction finance. Fourthly, to reinforce the establishment of special branches due to the demand of key construction projects. By the end of 1993, there are 500 special institutions throughout the country and a team of 27,000 people working on managing key construction projects with CCB.
After the incorporation of CCB’s credit plan and capital plan into the country’s credit plan, not only the status of CCB in the country’s financial system was set up, but also the chapter of extending the financial business completely and improving the bank’s functions was launched. There were remarkable achievements on this.
First, to expand credit scope. Since CCB signed the first contract of fundamental construction loans of RMB 34 million with Liaoyang Fiber Plant in October 1979, CCB had started to issue more loans based on its various deposits. By 1985, the credit business of CCB entered into a new phase. There were essential changes on the funding and structures of credit capital, with more loans categories, bigger loans scope and soaring loans volumes. By the end of 1993, the loans balance by CCB using its credit capital reached RMB 432.9 million, an increase of 33 times over end 1981 while using deposit to issue loans. The total clients of loans reached 250,000 and they were from all walks of life and throughout the country. By the end of 1993, fundamental construction loans issued by CCB totaled RMB 225.8 billion, with the balance being RMB 219.7 billion; in construction industry, working-capital loans balance reached RMB48.2 billion; in technical renovation industry, the loans balance reached RMB55.8 billion.
Secondly, to launch and expand the working capital loans within commercial enterprises. In the planned economy, the working capital loans to enterprises were issued by Bank of China (BOC) first and then by Industrial and Commercial Bank of China (ICBC). After the reform, CCB’s credit capital entered the area of fixed assets investment and there were more and more fundamental construction loans and technical renovation loans issued by CCB. Because of a lack of reclaiming approaches of the investment loans, there were problems emerged, i.e. the loans projects were operating well and making money, but it was difficult to get the loans back. To intensively split investment loans and production/circulation loans were not helpful to evaluate the performance of enterprises, the investment result and the credit quality. This was also not beneficial to manage the loans. With the support from relevant officials at the government, from 1987, CCB started the business of working capital loans for commercial enterprises. Ever since then, CCB started such business. By the end of 1993, CCB had issued working capital loans to 70,000 enterprises, with the balance reaching RMB46.7 million.
Thirdly, to expand deposit business while giving play to the function of raising capital. As CCB undertook more and more tasks to support the key construction projects, the credit capital had changed from deposit balance into credit balance and the problem of short of capital had become sharp and the pressure on funding key construction projects was increasing. Therefore, faced with the new scenario of diversifying resources for construction capital, the liabilities business has expanded from traditional areas to the whole financial area. It had changed from funding from relevant government agencies, enterprises and organizations into from the whole society. By the end of 1993, self-financing deposit by CCB reached RMB 42.84 billion, 42.8 times of the volume in 1978; saving balance in construction and installation enterprise reached RMB 7.43 billion, 12.3 times of RMB 2.589 billion in 1978; technical renovation capital grew up to RMB 7.43 billion, 46.7 times that of 1978. The launching of deposit business has greatly enhanced the capital strength of CCB.
Fourthly, to develop real estate financial business vigorously. The development of this business in CCB was initiated with the reform of China’s housing system. In 1984, the State Council issued “The Temporary Regulations on various issues on Reforming Construction Industry and Fundamental Construction Management System”. In the regulations, it was clearly stated that in big and middle cities, houses will be gradually commercialized. It was also stipulated that the turnover capital needed by integrated developers shall be provided by CCB. CCB had therefore issued a timely notice, which was “Notice on Urban Land Development and Loans on Commercial Housing”. Also the new loans category of “Land-developing and Commercial Housing loans” was established. By the end of 1991, throughout the country, 1687 counties, 27 plan-listed cities and provincial capitals, 10 provincial governments decided to have CCB undertake the housing-reforming business in their localities. This had set CCB to take the leading position in the real estate financial industry in the country.
Fifthly, to develop international financial business. In order to meet the demand of rapid economic development in reform and in coastal economic special zones, in May 1986, the CCB branches in Shenzhen, Xiamen and Zhuhai started international financial business, which was a breakthrough of only dealing with local currencies before. In 1986, Shanghai Petro-Chemical Company decided to raise foreign capital for its 300,000-ton ethylene project. With the approval of the government and as consigned by the company, Shanghai Branch of CCB undertook this project and started the business of international finance giving priority to project financing. Since 1988, international finance was started in basically all the branches in provincial and special economic zones. By the end of 1993, CCB raise USD708 million foreign exchange principal in total; USD4.48 billion in foreign exchange deposit; USD4.96 billion in foreign exchange loans balance; overseas funding USD1.79 billion; and international trade settlement USD 614 billion. A global agency network had been established with setting up agency relations with 232 banks in 55 countries/regions in Europe, America, Oceania and Asia.
Sixthly, to vigorously initiate bonds agency business. In 1981, the government decided to resume the policy of issuing treasury bond, a first sign to set up securities issuing market since reform. As a special bank dealing with long term investment credit, CCB undertook most of the work of issuing key construction bonds and the issuance & transaction of various bonds. Since CCB taking the business of representing Shandong Yantai Longkou Power Plant to issue stocks, by the end of 1986, more than 200 branches were approved to issue bonds for 250 organizations with the total amount of RMB 1.5 billion. By the end of 1993, CCB issued a total of RMB 66.44 billion bonds as an agency, of which the bonds for key enterprises and fundamental construction bonds amounted to RMB 23.6 billion, accounting for over 90% of the country’s total issuance and taking the leading position in China’s bonds market.
Seventhly, to start and develop credit cards. In 1989, CCB decided to try the business of credit cards. In Nov. 1989 and Mar. 1990, CCB participated in MasterCard and Visa card. On Apr. 28, 1990, there was a press release on CCB issuing MasterCard in Guangzhou. From then to the end of 1993, 268 branches within CCB were approved to issue MasterCards. Provincial branches were all approved to do so. In big and middle cities, CCB credit cards were issued. By the end of 1993, CCB issued 420,000 credit cards, with 13,000 franchise merchants, over 7000 cash withdrawing outlets, credit card savings balance of RMB 886 million and transaction by credit card settlement of RMB 11 billion.
In the 15 years from 1979 to 1993, the fiscal functions and banking functions of CCB were developing hand in hand and supporting each other. Also, in this period, CCB had seized the opportunities to grow from small to big, and then from big to powerful. Within this period, the accumulative number of fundamental construction appropriation and loans reached RMB 3405.116 billion. Through better management of the capital usage, stopping improper expenditure and providing rationalizing suggestions, RMB 34.309 billion of construction capital was saved for the country. Through reviewing project budget, a net volume of RMB 16.828 billion was cut.
After the government decided to set up state-owned commercial banking system, CCB has started an unremitting exploration of building up modern corporate system and has become a foregoer in changing wholly state-owned commercial banks into shareholding banks.
In “Resolution on Reforming the Financial System” issued by the State Council on Dec. 25, 1993, it was cleared stipulated that CCB was positioned to be a state-owned commercial bank giving priority to middle and long-term credit business.
I. To strive and to explore towards a commercial bank
In 1994, China put forward the reform on financial systems entirely. After severing policy-like business and handing over financial functions, CCB started the process of commercial reform. In order to set up modern financial corporate system, and to develop into a commercial bank with advanced international managerial level, CCB started the unremitting explorations.
Before 1994, in order to achieve the goal of building CCB into “middle and long term investment credit bank”, in the late 1980s “8th 5-year plan on CCB” was complied and it was clearly pointed out that CCB had “developed into a multi-functional and multi-business special state-owned bank or long term investment credit bank, with both domestic financial business and international financial business; both dealing with fixed assets investment loans and working capital loans. CCB has become an indispensable part of China’s socialist financial system”. In 1994, according to the 14th Central Committee of CCP and the 3rd plenary session the 14th Central Committee of CCP and “Resolution on Reforming the Financial System” by the State Council, “Guidelines on CCB’s Reform and Development” was compiled and it was further pointed out that the goal for the end of 20th century was “ while maintaining the characteristics of providing middle and long term credit, CCB will develop in the direction of a modern, international and collective state-owned commercial bank with comprehensive functions, standard management and advanced methods’. This had been very helpful to push CCB towards developing into a state-owned commercial bank.
1. To sever policy-like businesses, handover fiscal functions and to smoothly achieve the transition to a state-owned commercial bank.
In March 1994, as stipulated in “Notice on Organizing Development Bank of China” by the State Council, the Development Bank of China (DBC) is the policy financial institution dealing with policy-like key construction (including fundamental construction and technical renovation) and relevant discount business. As a result, the traditional policy-like fundamental construction business was severed to DBC. Since the government had set up the reform direction of CCB to be a state-owned commercial bank, it was no longer suitable for CCB to undertake the fiscal function. Therefore, in August 1994, the fiscal functions were formally handed over to the financial agencies. After severing the fundamental construction loans and handing over the fiscal functions, CCB set up agency loans capital management and project reviewing and pricing relationship with DBC and the Ministry of Finance respectively. Therefore, the middle business of CCB had been successfully developing in the direction of transforming into a state-owned commercial bank.
As demanded by the situation, CCB studied and worked out a series of regulations and operation procedures that are related to agency businesses, such as capital accounts, financial management, final accounting, statistics statements and information feedback. In order to ensure the smooth operation after the transformation of businesses and functions, the principle of “responsible for their own management decisions, risk management, profits and losses and self-discipline” was implemented. In terms of reforming internal operational system, a series of measures were taken within CCB, so as to promote management on assets/liabilities ratio, unify capital allocation, and absorb loans risk. While strengthening unified legal person management system with CCB, regulations on business operation and internal management were made more stringent, which had been helpful to improve operational management and follow-up reforms.
2 to deepen reform on managerial system from the strategic perspective
According to the overall targets proposed in “Reform and Development Programs for CCB” and considering the market demand during this period, CCB had made many modifications to its operational strategy timely. In 1994, while the regulation of financial order and the reform of financial system are going deeper, CCB put forward the strategy of “seizing market, increase market share and take the leading position”. In 1996, CCB put forward the strategy of “focusing on performance” and held the principle of “doing certain things and refrain from doing certain things”. Besides, credit exit system was adopted decisively and the contribution to the overall performance from liabilities, assets and inter-mediate businesses are increasing. In 1999, four business parts of credit business, inter-mediate business, international business and real estate finance have become the “four pillar businesses”. In 2000, the strategy of giving priority to the development of big and middle cities is proposed and the focus was on improving assets quality and production of per unit outlet. In 2003, reform target in the new times and the overall development strategy were implemented. More efforts were made to restructuring and overall promotion of standard management is launched. Innovation on financial products and services had drawn much attention, to ensure the sound and rapid development.
With continuous reform, there were significant progress on the credit asset quality and profitability of the whole bank. By the end of 2003, the total assets of CCB reached RMB 3554.3 billion, with the profit of RMB 51.229 billion, an annual year increase of 33.9%. The non-performing assets rate dropped to 9.12%, which was taking the leading position in the state-owned commercial banks.
3 to meet the market demand and to continuously innovate products and service
With the guidance of clear business strategy, CCB was developing its financial business entirely and continuing its product innovation. First, to set up and improve asset/liability management system, and to enhance the management reform on product pricing. In this case, centralized product pricing system was established. Secondly, starting from 1994, integrating the reality of transferring fiscal functions and severing policy-like credit business, CCB established its inter-mediate business, giving priority to such consultation business as representing for, examining and evaluating DBC and various financial ministries/offices. Thirdly, while setting up the strategic position of savings deposit and increase its market share, the centralized operation level of savings deposit was enhanced. With the launching of online banking, development of key customer service system, improvement of credit card functions, setting up of client service center and the starting of mobile-phone banking and home banking, the financial innovation is flourishing.
4 to focus on customers and to wholly expand corporate business
According to the reform targets in the new times and overall development strategy, CCB set up business policy and development plan for corporate business. First, to increase quality market share, take part in emerging market timely and expand new customers group, so as to differentiate marketing strategies. Secondly, to increase input/output ratio, readjust product structure, identify key-industry structure and optimize regional layout. Thirdly, to make more efforts to do assets business marketing. A national corporate capital settlement network was established to provide comprehensive financial service to key customers. Therefore, the system circulation of corporate capital flow from the origin to the lower reaches was achieved, which had significantly increased the capital turnover ratio. Fourthly, an internal management system focusing on customers was built up. A unified management of fixed assets loans & working capital loans; corporate loans & deposit; RMB & foreign currency loans were achieved. Fifthly, the customer-manager system was implemented. Through employing and training customer managers, differentiated service was provided to key customers.
5 to build risk control shield and to strike risk internal control management system
Since 1995, during the process of reforming its credit management system, CCB gradually enhanced its efforts in setting up credit risk management system. First, an internal rating system on risk was set up, risk rating alarm system was developed and internal rating projects were started. Secondly, credit line business was developed. “Credit Line Management Regulations (Trial)” and “Group Customer Credit Line Processing Regulations (Trial)” were made and carried out. Thirdly, credit approval system was started, which had been very helpful tools in correcting the malpractice in the old credit approval system, adopting advanced management philosophy, effectively preventing credit risks and fostering big quality customers.
6 to accelerate the handling of non-performing assets with market approaches
In 1999, CCB started the parallel monitoring and examining system on five-ratings and term limit ratings. After several steps in selecting, reviewing, tidying up and transferring, CCB severed its non-performing assets to China Cinda Asset Management Corporation. At the same time, professional management on non-performing assets was explored and had seen much success.
7 to work out systematic reform on HR and incentives, and to reasonably allocate HR
It is key to set up a whole set of HR and incentive/restriction system that is suitable to the management of a commercial bank for the sustainable development of CCB. Based on its previous experiences during the reform, by the end of 2002, the brand new HR and incentive/restriction system was implemented, so as to set up the management system of “positions can be both higher and lower, employees can both join and leave, and incomes can both grow and drop”. In the context of ensuring enough HR and reasonable HR structure, managers were being changed from administrative management into corporate management. The whole staff became to sign contracts with the bank and employees were put into different categories in terms of management. Management on technicians and engineers were improved. Evaluating and employing systems were separated and different management systems were rated. In order to integrate training and using, employee training system was established. Therefore training and career-building of employees are integrated. The reform was quite successful. Employees became highly enthusiastic, the whole team was optimized and HR management system is more market-oriented.
8 to explore & set up modern corporate culture and to make family culture deeply rooted among the staff
In Mar. 1996, taking the opportunity of changing into the new name, CCB started the corporate image identification system, in order to set up corporate culture and system building throughout the bank. In the beginning of 2001, while speeding up the building of modern corporate system, the party committee of CCB timely proposed the clear culture position of “CCB is our home garden and we will build our home culture” based on the core philosophy of “connecting people” and “building CCB’s special corporate culture”. After this position was identified, throughout the bank, the atmosphere was much warmer, more cohesive, and more influential. The home culture of “sportsmanship, professionalism, devotion and innovation” was widely accepted among the staff. Therefore, the corporate culture competitiveness was enhanced rapidly.
II. To wholly promote the transformation of becoming shareholding bank and to embark on a new journey with high-spirit
On Dec. 30, 2003, the State Council decided to start the shareholding process at BOC and CCB. On Sep. 17, 2004, China Construction Bank Corporation was founded. CCB has therefore embraced an overall “reshuffling”. Right now, as requested by the State Council, and in line with internationally advanced banking standards and common practice, CCB is reforming its management system, transforming operation system and innovating business models, so as to set up a corporate governance structure of “clearly established ownership, well defined power and responsibility, separation of enterprise from administration, and scientific management” within 3 years. CCB is also aiming at changing into a modern shareholding commercial bank with adequate capital, strict internal control, safe operation, good service & performance and international competitive edge. In terms of corporate governance and internationally applied financial indices, CCB is striving to be above the average level of the world’s top 100 banks.
After 50 years of development, CCB has now become an indispensable state-owned commercial bank in the development of the national economy as well as in the social development. CCB now enjoys big influence both domestically and internationally, with solid comprehensive competitiveness. In terms of building modern corporate system, significant progress was made. By the end of the second quarter of this year, the non-performing asset rate had dropped to 3.08%, capital adequacy rate went up to 8.17%, rate of return on total assets reached 0.97%, rate of return on equity reached 14.96% and operating profit amounted to RMB32.84 billion. These indices not only are in the leading position in state-owned commercial banks, but also are very close to the advanced level among international banks.
Thanks to 50 years of unusual development, today CCB has embraced glory and excellence, as well as a more promising future and more arduous historic missions.
CCB was born in the age of massive economic construction in the 1950s, expanded in the reform and opening-up in the 1980s and achieved commercial transformation in the market-orientation process in the 1990s. CCB was born of construction and was prospering on construction. CCB enjoys the same pace of the country’s construction. The great achievement of CCB people servicing the country’s construction and the people’s livelihood will always be recorded in the shining history of China. In the current shareholding transformation, CCB will take bolder steps to embark on another historic journey of building itself into an internationally competitive modern shareholding commercial bank.
Just like nobody could forecast what CCB is building today, the future development and prospects of CCB will be beyond imagination, too.
