BANK OF CHINA LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
ʕვБٰ΅Ϟࠢʮ̡ BANK OF CHINA LIMITED
(a joint stock company incorporated in the People's Republic of China with limited liability)
(the "Bank")
(Stock Code: 3988 and 4619 (Preference Shares))
ANNOUNCEMENT Corporate Social Responsibility Report of
Bank of China Limited for 2020
In accordance with the Chinese mainland and Hong Kong regulatory requirements, the meeting of the Board of Directors of the Bank held on 30 March 2021 considered and approved the Corporate Social Responsibility Report of Bank of China Limited for 2020. Set out below is a complete version of the report.
The Board of Directors of Bank of China Limited
Beijing, PRC
30 March 2021
As at the date of this announcement, the directors of the Bank are: Liu Liange, Wang Wei, Lin Jingzhen, Zhao Jie*, Xiao Lihong*, Wang Xiaoya*, Zhang Jiangang*, Chen Jianbo*, Wang Changyun#, Angela Chao#, Jiang Guohua#, Martin Cheung Kong Liao#, Chen Chunhua# and Chui Sai Peng Jose#.
* Non-executive Directors # Independent Non-executive Directors
Corporate Social Responsibility Report of
Bank of China Limited for 2020
March 2021
Preface
In 2020, a year unseen before, Bank of China upheld its missions as a large state-owned financial enterprise and leveraged its advantages of globalisation and integration to contribute to the people's well-being and serve the social development.
Confronted with the overwhelming COVID-19, Bank of China waited no moment to develop pandemic containment plan to ensure the safety and health of employees and the smooth provision of financial services. We purchased pandemic prevention supplies around the globe to continuously contribute to the fight against COVID-19, and took several measures to meet the funding needs for the pandemic prevention in an effort to support the work and production resumption of enterprises. During the critical year of winning the fight against poverty, Bank of China kept playing the roles of finance, market and platform, providing financial support to the poverty alleviation industries. We stepped up efforts to undergird targeted poverty alleviation, helping four poverty-stricken counties in Xianyang of Shaanxi Province and 1,034 impoverished villages nationwide shake off poverty.
Bank of China integrated the environmental, social and governance (ESG) concept into all aspects of business operation and management, continued to improve the management structure of social responsibility, and unremittingly deepened responsibility. We took solid step to ensure stability on six key fronts and security in six key areas while improving the quality and efficiency of finance serving the real economy. We created excellent services through technology, in a bid to provide customers with high-quality and handy financial service. We deepened transformation and innovation and drove value creation, bringing more values and benefits to our shareholders. We promoted green finance and addressed climate change, providing financial momentum for green development. We upheld the people-oriented idea, attached importance to talent cultivation and devoted to realizing growth of both the Bank and the employees.
Looking forward to the future, Bank of China will take on the mission of "Bridge China and the World for the Common Good". Centering on the vision of "Build a First-Class Global Banking Group", Bank of China will speed up the formation of a strategic development pattern where domestic commercial banking serves as the main body flanked by the two wings of globalised and integrated operations, and create more value for the nation, customers, shareholders, employees, environment and society.
Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
MessagefromtheChairman ..................................................... 5
AboutBankofChina .......................................................... 7
AwardsandHonours .......................................................... 8
StrategyandManagement ...................................................... 10
[SocialResponsibilityFocus] .................................................... 14
Feature: Responsibility and professionalism against COVID-19 pandemic . . . . . . . . . . . . 14
Service continuity, business continuity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Full-heartedlysupportingkeyareas ................................... 18
Financing to fight against the pandemic and secure resumption of production . . 22
Witness:ActofResponsibility ....................................... 27
Feature: Persistence & dedication to win the fight against poverty . . . . . . . . . . . . . . . . . . 32
Strengthening financial poverty alleviation to realise the goal of
all-roundpovertyalleviation ...................................... 32
Increasing targeted poverty alleviation to ensure eradication of poverty . . . . . . . 35
Witness:ActofResponsibility ....................................... 40
[SocialResponsibilityPractice] .................................................. 43
1 Implementing National Strategies and Serving the Real Economy . . . . . . . . . . . . . 43
Feature: Fulfilling responsibilities to ensure stability on
six key fronts and security in six key areas . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
1.1 Financial force serving "dual circulation" . . . . . . . . . . . . . . . . . . . . . . . . 49
1.2 Integrating resources to boost "new infrastructure" . . . . . . . . . . . . . . . . . 63
1.3 Activating the "new driving force" for industrial development . . . . . . . . 66 1.4 Supporting remediation of shortcomings in the fields of
people'slivelihood ........................................ 68
2 Providing Excellent Services Empowered by Technology . . . . . . . . . . . . . . . . . . . 70
Feature: Opening up and sharing, creating ecological services of scenarios . . . . 70
2.1 High-qualityservicewithinreach ............................... 79
2.2 Technology boosts inclusive finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
2.3 Promoting intelligent transformation of outlets . . . . . . . . . . . . . . . . . . . . 83
2.4 Sincerely safeguarding customers' rights and interests . . . . . . . . . . . . . . 87
3 Driving Value Creation by Deepening Transformation and Innovation . . . . . . . . . 96
Feature: Seeking innovation and change to push forward with
theall-aroundreformatafasterpace ............................... 96
3.1 Adhering to the leadership of Party building . . . . . . . . . . . . . . . . . . . . . . 102
3.2 Optimisingcorporategovernance ............................... 103
3.3 Reinforcingriskcontrol ...................................... 108
3.4 Guaranteeing operational compliance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111
4 Promoting Green Finance and Coping with Climate Change . . . . . . . . . . . . . . . . . 113
Feature: Green bonds, promoting low-carbon transformation and development. 113
4.1 Promotingthegreenfinancestrategy ............................ 115
4.2 Improving the allocation of green assets . . . . . . . . . . . . . . . . . . . . . . . . . 118
4.3 Making every effort to reduce environmental footprint . . . . . . . . . . . . . . 120
5 Being Committed to the Public Welfare Undertaking and
JointlyBuildingaBeautifulHome ................................... 127
Feature: Developing new model for mutual aid elderly care . . . . . . . . . . . . . . . . 127
5.1 Jointly building a financial philanthropy ecosystem . . . . . . . . . . . . . . . . 129
5.2 Participating in volunteer activities with employees . . . . . . . . . . . . . . . . 136
5.3 Participating in disaster emergency relief . . . . . . . . . . . . . . . . . . . . . . . . . 138
5.4 Spreadingfinancialknowledge ................................. 142
6 Securing Future Development Through Talent Cultivation . . . . . . . . . . . . . . . . . . 147
Feature: BOC University, starting a new chapter for staff growth . . . . . . . . . . . 147
6.1 Empowering talents and guiding staff growth . . . . . . . . . . . . . . . . . . . . . 152
6.2 Respecting talents and ensuring health and safety . . . . . . . . . . . . . . . . . . 156 6.3 Caring about talents and creating a harmonious work
environmentjointly ........................................ 158
[SocialResponsibilityPerformance] .............................................. 162
CorporateGovernance .................................................... 162
EconomicPerformance ................................................... 168
EnvironmentalPerformance ............................................... 171
SocialPerformance ...................................................... 173
Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179
AbouttheReport ............................................................. 181
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182
AssuranceReport ............................................................. 191
Readers'feedback ............................................................ 195
Message from the Chairman
The year 2020 was an extraordinary year. Facing the sudden outbreak of COVID-19 and the challenges against the backdrop of complex environments both at home and abroad, Bank of China remained fully committed to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, showed profound love for our country, and forged ahead with the spirit of solidarity. We were dedicated to COVID-19 prevention and control, and provided assistance in winning the fight against poverty. We ensured stability on six key fronts and maintained security in six key areas, and leveraged the role of finance to foster new prospects for development, so as to promote financial integration, unimpeded trade and people-to-people bonds between China and the world, improve people's wellbeing, and drive social progress.
We rose to the challenges in COVID-19 containment. After the outbreak of COVID-19, we immediately took measures for bank-wide pandemic prevention and control. We strictly implemented the local governments' requirements for pandemic containment, and developed relevant emergency plans to ensure uninterrupted operations of our business and vigorously support the fight against the virus. In 2020, we granted RMB21.2 billion of preferential loans to 834 national key enterprises involved in pandemic prevention and control, and RMB11.693 billion to 485 local key enterprises involved in pandemic prevention and control. We set up a special corporate credit programme of RMB200 billion, and granted a special credit line of RMB50 billion to Hubei. The repayment of more than RMB140 billion of loan principal was temporarily deferred through extension, loan renewal and other means, involving more than 23,000 micro, small and medium-sized enterprises. Our domestic and overseas institutions contributed to the fight against the pandemic by ways of donating goods and funds, mobilising supplies, or joining volunteer programmes to help build a strong line of defense against the virus. We accumulatively provided more than 10 million pieces of anti-pandemic materials to 57 countries and regions at home and abroad.
We provided support to secure a decisive victory in poverty alleviation. We took solid steps to combat poverty. By providing credit sources and financial support, boosting the consumption of rural products and organising training, the Head Office fully lifted four poverty-stricken counties of Xianyang City, Shaanxi Province, out of poverty, and BOC institutions at all levels provided assistance for 1,034 targeted poor villages across China. As of the end of 2020, we helped all the impoverished people in the targeted areas get rid of poverty as scheduled. We strengthened poverty alleviation support through financial services, and provided diversified fund sources to promote the development of poverty-stricken areas. As of the end of 2020, the balance of poverty alleviation loans stood at RMB148.491 billion, an increase of 26.61% year on year. In 2020, we assigned a total of 1,184 employees to serve as poverty alleviation officials in poverty-stricken villages, and input or introduced a total of RMB243 million of gratuitous anti-poverty funds to targeted poor areas, helping these areas to expand industrial projects and carry out livelihood programmes. Relying on the "Bank of China Philanthropy" platform, we boosted the consumption of rural products, purchased a total of RMB110 million of agricultural products from poverty-stricken areas and assisted them in selling RMB135 million of such products.
We served the development of real economy. We implemented the decisions and plans of the CPC Central Committee and the State Council to ensure stability on six key fronts and maintain security in six key areas, put into practice the policy of differentiated credits and took well-focused measures to proactively integrate our development into China's overall development. As of the end of 2020, the balance of loans for inclusive finance under the target of "two no-less-than and two control" amounted to RMB611.662 billion, an increase of RMB198.714 billion from the end of the prior year. We set up a credit programme of RMB100 billion for supporting private enterprises. We made RMB51 billion worth of credit growth plan for the manufacturing industry. We issued 13 measures to ensure stable foreign trade, and introduced dedicated service plans to ensure stable foreign trade and foreign funds in over 30 provinces and cities throughout China to strengthen our financial services for foreign trade enterprises. We have provided comprehensive services to the CIIE for three consecutive years, and organised online and offline trade and investment matchmaking conferences to meet domestic and overseas enterprises' needs to communicate with each other. We deeply advanced the building of four major strategic eco-scenarios: cross-border activities, education, sports and silver economy, continued to make our services accessible to the primary level, improved customers' financial service experience and intensified efforts to provide more convenient and beneficial financial services.
We made innovations and raised the quality of development in an all-around manner. We proactively adapted to the new demands and new changes in the economy and society. Centering on the new development concepts of "innovation, coordination, green development, opening up and sharing", we continued to deepen reform and improve systems and mechanisms to optimise the governance system and enhance governance capacity. We continued with technological innovation and accelerated digital transformation to provide better experience for customers and improve our comprehensive competitiveness. We stepped up the building of a comprehensive risk management system, strengthened risk control capability, further refined risk management and improved the professional standards. We fully implemented green financial plans, made innovations in green financial products and services, and built a multi-tiered and three-dimensional green financial business system to provide vigorous support for green and eco-friendly industries. Leveraging Zhongyi Shanyuan, BOC Charity Foundation and other platforms, we built a "public welfare + internet + finance" ecosystem to promote the development of public welfare.
The year 2021 is the inaugural year of China's 14th Five-Year Plan, and also a crucial year for China to embark on the journey toward the second centenary goal of fully building a modern socialist country. Bank of China will resolutely implement the decisions and plans of the CPC Central Committee and the State Council, remain committed to the underlying principle of making progress while keeping performance stable, and set on a new journey of building a first-class global banking group from all aspects. We will strengthen our responsibilities and promote high-quality development, create values for stakeholders, shoulder social responsibilities and make greater contributions to the economic and social development and environmental protection.
Liu Liange, Chairman of Bank of China
About Bank of China
Bank of China is the Bank with the longest continuous operation among Chinese banks. The Bank was formally established in February 1912 following the approval of Dr. Sun Yat-sen. From 1912 to 1949, the Bank served consecutively as the country's central bank, international exchange bank and specialised international trade bank. Fulfilling its commitment to serving the public and developing China's financial services sector, the Bank rose to a leading position in the Chinese financial industry and developed a good standing in the international financial community, despite many hardships and setbacks. After 1949, drawing on its long history as the state-designated specialised foreign exchange and trade bank, the Bank became responsible for managing China's foreign exchange operations and provided vital support to the nation's foreign trade development and economic infrastructure through its offering of international trade settlement, overseas fund transfer and other non-trade foreign exchange services. During China's reform and opening up period, the Bank seized the historic opportunity presented by the government's strategy of capitalising on foreign funds and advanced technologies to boost economic development, and became the country's key foreign financing channel by building up its competitive advantages in foreign exchange business. In 1994, the Bank was transformed into a wholly state-owned commercial bank. In August 2004, Bank of China Limited was incorporated. The Bank was listed on The Stock Exchange of Hong Kong Limited and the Shanghai Stock Exchange in June and July 2006 respectively, becoming the first Chinese commercial bank to launch an A-Share and H-Share initial public offering and achieve a dual listing in both markets. Having served the Beijing 2008 Olympic Games, the Bank became the official banking partner of the Beijing 2022 Winter Olympic and Paralympic Winter Games in 2017, thus making it the only bank in China to serve two Olympic Games. In 2020, Bank of China was again designated as a Global Systemically Important Bank, thus becoming the sole financial institution from an emerging economy to be designated as a Global Systemically Important Bank for ten consecutive years.
BOC is the most globalised and integrated bank in China. As of the end of 2020, it had a well-established global service network with institutions set up across the Chinese mainland as well as in 61 countries and regions. It has established an integrated service platform based on the pillars of its corporate banking, personal banking, financial markets and other commercial banking business, which covers investment banking, direct investment, securities, insurance, funds, leasing, asset management, financial technology and other areas, thus providing its customers with a comprehensive range of financial services. In addition, BOCHK and the Macau Branch serve as local note-issuing banks in their respective markets.
Bank of China has upheld the spirit of "pursuing excellence" throughout its history of over one century. With adoration of the nation in its soul, integrity as its backbone, reform and innovation as its path forward and "people first" as its guiding principle, the Bank has built up an excellent brand image that is widely recognised within the industry and by its customers. Standing at a point where the timeframes of the two centenary goals converge, the Bank will unswervingly continue to follow Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, assume the responsibility of a large state-owned bank, and forge ahead on a new journey towards the goal of fully building a modern socialist country.
Awards and Honours
Comprehensive Awards/Honours | |
Award/Honour | Presented/Ranked by |
Global Systemically Important Bank | Financial Stability Board (FSB) |
Ranked 4th in Top 1,000 World Banks | The Banker |
Ranked 4th in Top 500 Global Banking Brands | |
Ranked 43rd in Global 500 (2020) | FORTUNE |
Ranked 10th in Global 2000 | Forbes |
Best Transaction Bank for Trade Finance | Asiamoney |
Best Transaction Bank of the Year 2020 | |
Best Artificial Intelligence Application in China | The Asian Banker |
2020 Cross-border Wealth Management Service in China | |
First Prize for Technological Development of Banks | PBOC |
Best Comprehensive Market-making Institution | China Foreign Exchange Trade System |
Best Digitalised Bank | CBN |
Highest rating of "A" for information disclosure | Shanghai Stock Exchange |
Ranked 12th in China's 500 Most Valuable Brands | World Brand Lab |
Ranked 2nd in the Hurun List of Brands with Most Historical and Cultural Heritage in 2020 | Hurun Research Institute |
CSR Awards/Honours | |
Award/Honour | Presented/Ranked by |
Award of Best Socially Responsible Manager | China Banking Association |
Award for Achievements in Supporting the Three Critical Battles | |
Award for Achievements in Pursuing Belt and Road Initiative | |
Top 100 Village Banks with Integrated Service Capabilities, Top 10 Village Banks in Targeted Poverty Alleviation | |
Most Socially Responsible Outlet with Special Contributions in China's Banking Industry | |
Top 100 Employers in the Opinion of Chinese University Students for 2020 | ChinaHR.com |
Honourable Medal of Silver Lotus Flower (SLM) | Macao SAR Government |
Top Donors and Benefactors of the Year Award | The Community Chest |
2020 Bank with Best Inclusive Finance Services | Financial News |
Asiamoney China Green Finance Awards 2020 | Asiamoney |
Best Bank with Responsible Investment | Sina |
Solar Deal of the Year 2020 - Middle East and Africa | Project Finance International (PFI) |
Special Contribution Award for Market Stabiliser during the Pandemic in 2020 | Shanghai Gold Exchange (SGE) |
Award for Best Anti-Covid-19 Bond | The Asset |
Friend of the Arts Award | National Arts Council (Singapore) |
Strategy and Management
Corporate Culture Concept System
Our Mission
Bridge China and the World for the Common Good | Inheriting the fine tradition of serving the people, we will leverage our characteristic advantages in globalised services, and respond to the calling of the Chinese Dream of national rejuvenation. Through financial services, we will help build a new development paradigm featuring a "dual circulation", and boost financing connectivity, smooth trade and mutual understanding between China and the rest of the world. Moreover, we will dedicate ourselves to people's well-being, facilitate social progress and make contributions to the building of a community with a shared future for mankind. |
Our Vision
Build a First-Class Global Banking Group | We aim to build a banking group with better integrated services, stronger global competitiveness, better governance capabilities, more efficient operation, better risk control, greater brand impact and more energetic employees. |
Our Values
Provide Excellent Service | With in-depth insights into customer demands, agile response to market changes and efficient coordination, the Head Office serves branches, the back line serves the front line and the Bank serves its customers as we believe that sincere attitude and excellent services will help us win more customers. |
Innovate with Prudence | Holding fast to the philosophy of prudent operation, the principle of encouraging exploration and innovation and the orientation for value creation, we keep creating values for the country, customers, shareholders, the Bank and its employees. |
Uphold Openness and Inclusiveness | We always seek for openness, cooperation and inclusiveness, learn widely from the strengths of others and take the initiative to integrate into society and people's livelihood, the new development paradigm and community with a shared future for mankind. |
Collaborate for Mutual Growth | We adhere to the principle of joint development, creation and sharing, and boost cooperation inside and outside the Bank at all levels to create a community of shared cause. In this way, we aim to unify the values of the Bank and its customers and employees and achieve joint growth and flourishment. |
Materiality analysis
Based on the trends in the industry, the corporate development strategy and the requirements for sustained development, we determined, through streamlining, 25 social responsibility issues with the greatest impact on the Bank and its stakeholders, and invited CSR experts and employee representatives to assess the impact of these issues on the Bank and its stakeholders. By doing so, we obtained two-dimensional assessment results of these issues, and built a substantive analysis matrix on top of the results, which have been reviewed by the Board of Directors of the Bank along with the report.
Core
General
Impact on BOC
Core
Core issues | 1. Human capital development | 7. Globalised layout and development |
2. Response to COVID-19 | 8. Deepen digital transformation | |
3. Compliance and internal control management | 9. Optimise corporate governance | |
4. Support coordinated regional development | 10. Create new products and services | |
5. Promote inclusive finance | 11. Consumer protection | |
6. Comprehensive risk management | 12. Improve customer experience | |
Significant issues | 13. Develop green finance | 20. Contribute to poverty alleviation |
14. Support development of people's livelihood | 21. Provide cross-border financial services | |
15. Support public welfare undertakings | 22. Employee rights and welfare | |
16. Popularise financial knowledge | 23. Support innovative industries | |
17. Tackle climate change | 24. Implement green operation | |
18. Stakeholder engagement | 25. Build ecosystem of scenarios | |
19. Advocate for volunteer service |
Stakeholder Engagement
Stakeholders | Expectation | Communication channel |
Country |
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Customers |
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Shareholders |
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Environment |
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Communities |
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Employees |
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[Social Responsibility Focus]
Feature: Responsibility and professionalism against COVID-19 pandemic
The COVID-19 pandemic has been the world's gravest infectious disease in the past century. It is a major public health emergency featuring the fastest transmission, the widest spread and the largest difficulty in prevention and control since the founding of People's Republic of China (PRC). Confronting the menacing situation, the CPC Central Committee and the State Council insisted that the people and life be paramount, when a fight against the COVID-19 pandemic was quickly in progress, containing the spread in just a few months. Significant strategic results were achieved. More acts were taken for pandemic control and economic and social development in a coordinated manner, making China the first major economy recovering growth since the coronavirus outbreak.
BOC firmly implemented the major policies and plans of the CPC Central Committee and the State Council. Keenly aware of how important and pressing of containing the COVID-19 pandemic, we moved so quickly in organising an emergency team and developed emergency prevention and control plans for the pandemic. The life, health and safety of employees and their families have always been our top priority. A scientific, flexible function mechanism was adopted, with a set of policies and protective measures of caring for employees taken. On the basis of effective staff protection, customer needs were timely responded and our financial services uninterrupted; green channels were open supporting emergency funds of related departments, as well as enterprises offering pandemic prevention and control supplies; work and production were resumed; with strengths of globalisation and integration, domestic and overseas institutions joined hands donating for affected areas, purchasing and delivering pandemic control supplies across the globe. We made full-round efforts to this big fight against the COVID-19 pandemic and continued to make contributions by fulfilling responsibilities as a state-owned bank of China.
Service continuity, business continuity
BOC set up an emergency function mechanism and perfected its business continuity emergency scheme. Over containing the COVID-19 pandemic, domestic and overseas businesses have been stably operated, guaranteeing financial services for pandemic prevention and control, as well as for the financial needs of customers and the public.
People-oriented business Best care for our employees with a strong shield against COVID-19 pandemic |
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Business outlets
Safe operation under unremitting efforts against COVID-19 pandemic
• We promptly developed and issued such documents as the Points on COVID-19 Prevention and Control of Business Outlets, Notice on COVID-19 Prevention and Control of Business Outlets under Jurisdiction, Tips on COVID-19 Prevention and Control of Business Outlets, and Notice on Strengthening Business Outlets Services in the Period of Resumption of Work and Production. We took swift action to build a fully safe protection network with systematised and institutionalised management of business hours and protection of premises and employees, and customer services and complaint of business outlets under each jurisdiction. Under guidance, our branches increased the allocation of pandemic supplies at business outlets, specified disinfection points for business premises and facilities and equipment, plus necessary protection and quarantine measures, and had less aggregation events at business outlets for the life, health and safety of customers, employees and relevant personnel.
• Our branches strictly assumed their responsibilities for management, with close monitoring of daily businesses for timely transmission of information. They properly addressed the gathering at peak hours and emergencies of all kinds, and watched on both services and pandemic control for efficient and smooth services throughout during emergency periods. For COVID-19 control, overseas branches were organised to set up emergency function teams, make emergency schemes based on their own conditions, take effective measures and well handle emergencies.
Online services
Online business to reduce exposure and contacts
• One-stop financial service was rolled out for Yangtze River Delta enterprises to open accounts, through which enterprises opened accounts remotely via mobile intelligent counters. The corporate online banking and the integrated service platform iGTB for transaction banking have been promoted as online service channels.
• Businesses including BOC Bill E-discount, online supply chain financing, online settlement and sale of foreign exchange, online documents, and online letter of guarantee have been promoted to save legwork for customers, largely reducing the risk of pandemic spread.
• Our technological strength and online services have been strengthened to guide customers to operate their business through corporate online banking and mobile banking channels, with functions such as Quick Donation, Real-Time Pandemic Dynamics and COVID-19 Prevention Guide launched on corporate mobile banking. As of the end of 2020, the number of corporate online banking customers reached 5,435,100, up 17.74% over the same period of 2019; corporate online banking transactions amounted to RMB232.17 trillion, up 13.62% over the same period of 2019.
Headquarters operations
Post rotation and business transfer to unblock our service system
• Our online office and mobile office systems have been improved for business continuity through telecommuting and post rotation.
• For pandemic-stricken areas where business development was seriously affected, relevant businesses were transferred timely to the Head Office and other branches.
To be the financial guardian of Jinyintan Hospital
Jinyintan Hospital was among the first designated hospitals in Wuhan to admit confirmed COVID-19 patients, and it was also the place where this hard pandemic fight first began. As the basic account opening bank and the capital agency sponsor bank of the hospital, our Wuhan Jianghan Sub-branch in Hubei Province quickly set up the Financial Services Emergency Response Team of Jinyintan Hospital for any pressing business needs of the hospital. From January 23 to March 10, against the pandemic situation, our employees of Jianghan Sub-branch handled a total of 18,436 transactions for the hospital in a timely manner, including central emergency fund allocation for pandemic control, donation accounting, payroll, pandemic subsidies, etc., with a total amount of RMB304 million, to ensure the smooth flow of financial services throughout the period. On February 13, 2020, Jinyintan Hospital sent a special thank-you letter to Jianghan Sub-branch, extending its recognition of our employees' dedication and professionalism with "together we stand, my armors thine" from an ancient Chinese poem.
Bank of China Wuhan Jianghan Sub-branch:
Since the COVID-19 pandemic outbreak, your branch responded to the call of the provincial party committee and actively supported the normal and smooth development of the financial work of our hospital through all the difficulties, which demonstrated the century-old details and responsibilities of Bank of China. Your professionalism and support have been highly appreciated!
It is hoped that we may share and join hands in our future work, just as the ancient Chinese poem goes:
"Let's share the plate for breast. Your job is mine. We'll march your hand in mine".
Wuhan Jinyintan Hospital
Seal: Jinyintan Hospital of Wuhan City February 13, 2020
Note: Jinyintan Hospital Financial Services Emergency Response Team
fully guarantees the hospital's financial services
Full-heartedly supporting key areas
Confronting the sudden COVID-19 pandemic, medical supplies including masks, protective clothing and respirators were extremely short. BOC paid close attention to the pandemic dynamics at home and abroad. It started the emergency donation mechanism immediately and called for domestic and overseas branches and all employees to actively purchase, allocate and deliver pandemic prevention and living supplies of all kinds supporting severely-affected areas, and spared no efforts for those in need.
Supporting Hubei Province
Hubei was the first and most seriously affected region in the COVID-19 pandemic, and once touched the hearts of the whole nation. BOC integrated its full strengths and collaborated with employees, customers and other stakeholders to contain the pandemic situation in Hubei.
Head Office, branches and subsidiaries |
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Employees, customers and the public
• Relying on the BOC Charity platform, charitable organisations raised funds and the public donated for pandemic control. As of the end of 2020, the platform had released a total of 15 related projects against the COVID-19 pandemic, raising over RMB19 million, with a total of 151,400 donations.
• A fund-raising campaign of "Support Hubei Against COVID-19" was initiated online. Along with China Charity Federation, our employees were called to donate, with a total of RMB18.02 million raised from 135,445 donations.
• BOC and China Siyuan Foundation for Poverty Alleviation jointly launched the donation campaign of "Raising Supplies Against COVID-19" as a charitable donation channel for BOC mobile banking customers. A total of 9,655 donations were made, with RMB830,700 raised and 5,000 sets of protective clothing and 56 monitors donated for Hubei Province and other areas where emergency supplies and equipment were in short supply.
• Global action to help against COVID-19 pandemic
Medical supplies are the lifeline of taking the hard fight against the COVID-19 pandemic. Since its outbreak, BOC's overseas branches have been concerned with the motherland. Despite all the difficulties, they donated funds and supplies and raced against the clock purchasing supplies in shortage to support Hubei and other key areas.
• Tokyo Branch successfully purchased 25,000 medical surgical masks, 3,500 sets of medical protective clothing and 2,000 pairs of medical goggles over the difficulty of out-of-stock medical supplies in the local market, and worked out an express scheme that immediately transported medical supplies to domestic pandemic-containing frontlines such as Wuhan and Beijing, and was commended by the Chinese Embassy in Japan and the Chinese Enterprises Association in Japan.
• BOC (New Zealand) Limited, in collaboration with the China Chamber of Commerce in New Zealand, called on its members and overseas Chinese to donate money and supplies for the motherland. It successively purchased and mailed four batches of 57,700 medical supplies to frontline hospitals in Wuhan, registering a total expenditure of NZD82,147.13, or approximately RMB366,000.
• Even with all employees being quarantined, Dubai Branch searched the entire territory of the United Arab Emirates for medical supplies of COVID-19 protection standards, and finally raised and purchased 100,000 pairs of medical gloves.
• Singapore Branch purchased emergency supplies worth USD126,000, including 525,000 pairs of protective gloves, 2,660 pairs of goggles and 1,000 sets of protective clothing, and donated them to Hubei Charity Federation and General Hospital of the Yangtze River Shipping, and SGD12,000 to Renmin Hospital of Wuhan University. Also, its employees were mobilised to donate to the China Charity Federation, with a total of about RMB120,000 raised.
• Luxembourg Branch sought medical suppliers and logistics carriers and donated 30,000 FFP2 medical masks to Zhejiang Red Cross Society on February 8, and donated 3,360 FFP3 medical masks to BOC Charity Foundation on February 9.
• New York Branch first purchased 11,520 N95 masks and other medical supplies to send to China. Subsequently, it donated more than 70,000 N95 masks, protective clothing, goggles and other medical supplies in need. In the United States, New York Branch also fulfilled its social responsibility with a donation of 130,000 medical masks, gloves, etc. to frontline workers in hospitals, and funds to relevant charitable organisations and non-governmental organisations to alleviate the plight of the poor and small business owners.
• BOCHK organised its Southeast Asian branches to purchase nearly HKD1 million worth of medical supplies to support the fight against the COVID-19 pandemic in the Chinese mainland, and donated a total of nearly HKD350,000 to it. Meanwhile, it took the lead in donating funds for COVID-19 containment in Hong Kong, with total donation of HKD15 million, including HKD13 million donated to the Community Chest of Hong Kong and HKD1 million to Tung Wah Group of Hospitals and Po Leung Kuk each. It has benefited about 90,000 frontline medical workers and about 70,000 elderly persons and other vulnerable groups.
Supporting overseas regions
Since mid-March 2020, facing the favourable situation in China and the accelerated COVID-19 spread abroad, BOC timely arranged overseas branches to assess local shortage and demand of medical supplies. With the recovery of domestic productivity, BOC mobilised domestic branches to purchase medical supplies and donated them to needy countries and regions through its overseas institutions, thus fulfilling the concept of a community of shared future for mankind.
Global action to COVID-19 pandemic governance
• London Branch donated 65 tons (nearly 4,000 boxes) of charitable supplies to the Lord Mayor's Appeal, including 20 invasive respirators, 722,000 disposable medical masks, 100,000 N95 masks, 19,000 sets of medical protective clothing, 19,000 goggles and one million pairs of medical latex gloves.
• Lisbon Branch donated a total of 216,000 medical supplies to the Portuguese government, including professional medical masks, goggles, protective clothing, medical gloves, etc.
• BOC (Canada) donated more than 700 boxes of 8.5 tons of medical supplies to Bethune Medical Development Association of Canada, including 30,000 N95 masks, 30,000 medical masks, 50,000 pairs of medical gloves, 10,000 goggles and 10,000 sets of protective clothing.
• Hungarian Branch donated a total of 136,000 medical masks and 300 sets of protective clothing to the Hungarian government, the Hungarian-Chinese Bilingual School and the Corvinus University of Budapest.
• Vienna Branch raised 100,000 disposable protective masks and other supplies for the Austrian Red Cross designated by the Austrian Federal Ministry of Health.
• Seoul Branch donated 20,000 masks to Chinese students studying in South Korea through the Chinese Embassy in South Korea, and successively donated a total of 70,000 masks to the Seoul City Hall, Daegu Metropolitan City Hall, Ansan City Hall and Seoul Jongno-gu Hall.
• Singapore Branch donated 17,500 medical masks to the Chinese Embassy in Singapore and SGD10,000 to the Migrant Workers' Assistance Fund in Singapore.
• Banco da China Brasil S.A. donated 50,000 disposable medical masks and 1,000 sets of protective clothing to the government of São Paulo.
• Johannesburg Branch donated 100,000 disposable medical masks, 600 sets of protective clothing and five respirators to South Africa's Department of Health to relieve the shortage of medical supplies in South Africa.
Financing to fight against the pandemic and secure resumption of production
BOC responded quickly to financing needs under the COVID-19 pandemic. With credit policies for pandemic control and key industries, it went all out to support the production and supply of key medical supplies and moved forward pandemic prevention and resumption of production in a coordinated way. At different stages when the pandemic control has continued to improve and the production and living order has turned better quickly, BOC offered targeted, appropriate financial services in light of the characteristics of various market players.
Providing target support for enterprises fighting against the pandemic | We contacted key enterprises for pandemic control and offered credit support to eligible enterprises in a timely manner through opening green channels, expanding the authorisation of loan interest rates and streamlining procedures. In 2020, a total of RMB21.2 billion of new preferential loans were granted to 834 key enterprises for pandemic control and RMB11.693 billion of new preferential loans to 485 key local enterprises of such kind. |
Ensuring smooth payment and settlement | The preferential policy of "donation, transfer and remittance free of charge" was implemented and the green channel of corporate online banking and corporate mobile banking for donations launched to guarantee the fund collection, payment and remittance and cash withdrawal business of key enterprises and public institutions for pandemic control, including hospitals, charitable organisations and pharmaceutical companies. During the Spring Festival in 2020, 30 domestic branches handled 201 remittances related to purchase of medical supplies, equivalent to about USD41 million, involving 13 currencies. |
Broadening financing channels for pandemic control | BOC issued the first coronavirus-themed bond in overseas market, assisted international development institutions in issuing the first super-sovereign coronavirus-themed Panda bond, and underwrote and issued bonds for enterprises providing basic support to pandemic prevention and control, covering public utilities, transportation, medical equipment, energy and other industries. |
Fully assisting resumption of production and work | A corporate credit line of RMB200 billion was set up for areas including health and pandemic control, transportation, production of important supplies, improvement of infrastructure, and quality development of the manufacturing industry. It promoted the leading role of core enterprises, leading enterprises and major engineering projects in the industrial chain. |
Providing targeted support for Hubei | BOC allocated RMB50 billion of special credit and formulated 30 special measures to support the pandemic control in Hubei Province and the resumption of work and production by region, category, level and time. The actions taken include the implementation of a temporary moratorium on the repayment of principal and interest for enterprises severely affected, the launch of inclusive finance's exclusive product "Work Resumption Loan" to support enterprises in financing debt instruments, and special credit products with a total size of RMB2.5 billion, a term of up to 10 years and interest rates as low as 2.75% for small, medium and micro enterprises. |
Note: BOC Hubei Branch launches "Work Resumption Loan" to support industries related to pandemic control and people's livelihood
Supporting Hubei and Wuhan in accelerating post-pandemic recovery
In August 2020, BOC successively signed strategic cooperation agreements with the Health Commission of Hubei Province and Wuhan Municipal People's Government. It will provide comprehensive financial services for Hubei's public health and Wuhan's economic and social development in the next five years.
• BOC provides an intentional credit line with a total amount of not less than RMB50 billion to support public health projects and medical and health industry development in Hubei Province in the next five years. At the same time, it donates RMB20 million to the Sunshine Mental Health Service Programme for the psychological counseling and comprehensive rehabilitation of cured patients and frontline medical workers in COVID-19 pandemic in Hubei.
• BOC provides integrated financing support of not less than RMB300 billion to carry out multi-level, cross-field and all-round financial cooperation with Wuhan and advance the city's urban construction and upgrading, development of public health emergency service system, construction of modern industrial system, two-way openness to the outside world, financial innovation and development, and social and livelihood services.
Note: BOC signs the strategic cooperation agreement with the Health Commission of Hubei Province
Innovating "COVID-19-Control Talent Loan" to support outstanding enterprises in pandemic control
BOC Guangdong Branch, Shenzhen Branch and the Talents Task Comprehensive Management Platform of Guangdong Province jointly launched the exclusive financing service of "COVID-19-Control Talent Loan", focusing on supporting Guangdong-registered enterprises and scientific research institutions with candidates from major talent projects at the national, Guangdong provincial and local levels as actual controllers, shareholders or major R&D personnel, to contribute to the fight against the COVID-19 pandemic. The first customer of "COVID-19-Control Talent Loan" was a Guangdong-based technology enterprise, which works mainly on nucleic acid testing and whole-genome analysis and sequencing research. It participated in the sample nucleic acid testing of the first patients with COVID-19 in Wuhan and novel coronavirus gene research. After determining the technical level and financing needs of the enterprise, BOC quickly released a loan fund of RMB10 million for its R&D and production of pandemic-control products.
Note: BOC Guangdong Branch releases a loan to a manufacturer of rapid COVID-19 test kit
Responding to enterprise needs for pandemic control and ensuring production of negative-pressure ambulances
An enterprise in Jiangbei District, Ningbo that worked on the integrated manufacturing, installation and sales of special medical vehicles, has been included in the national list of key enterprises for pandemic control. On January 25, the enterprise received a letter from the Ministry of Industry and Information Technology, requesting that the production of negative-pressure ambulances be in progress quickly. After that, it successively received orders from Zhejiang, Jiangsu and other places for delivery of about 100 negative-pressure ambulances within a short period of time. The financial pressure suddenly mounted. Informed of the situation, BOC Ningbo Branch acted to communicate with the enterprise and quickly reported for its much-needed procurement funds. The Branch completed the total approved credit line of RMB25 million within three days and successfully released the first RMB9 million liquidity loan for the enterprise.
Note: BOC Ningbo Branch visits negative-pressure ambulance manufacturers
Witness: Act of Responsibility
All-time efforts at the frontline of pandemic control
The Spring Festival holiday was intended to be a time for family reunion. However, the COVID-19 pandemic outbreak has left a deeper memory for the Spring Festival in 2020. In Hubei Province which was mostly affected, many employees of BOC Hubei Branch stayed at the frontline of pandemic control. They fulfilled their duties and responded to the demand for financial services for allocation of pandemic control funds, or became community volunteers to contribute their efforts.
Care for employees with close contact
At 11:00 on January 24 (Chinese New Year's Eve), as Hubei people were fighting against the pandemic, BOC Hubei Branch closely followed the situation of all employees under its jurisdiction: how were the employees on duty and working overtime in Wuhan? Were there any employees in other countries? How was their health? At the same time, the Branch set up a liaison mechanism with the families of the expatriates in Hubei to learn about their living conditions, and sent special workers to help the families when necessary, so as to solve the worries of the expatriates.
A quick move of distributing emergency medical subsidy
At 14:00 on January 25 (the first day of Chinese New Year), our Wuhan Huaqiao Sub-branch received a circular from the Wuhan Municipal People's Government and a hospital in Wuhan on applying for emergency payment of medical subsidy for pandemic control. Four key business personnel of Huaqiao Sub-branch soon arrived at work, and the hospital delivered relevant bills at 19:55. Only five minutes remained before the system shut down. All the bank employees were on duty and worked closely uploading the data of the medical subsidy at 20:07. However, the account was not successfully charged due to system timeout. To solve the fund demand of the hospital, the bank employees reported the situation to Hubei Branch without delay and contacted the Software Centre of the Head Office. With the concerted efforts of various parties, the distribution of medical subsidy was completed at 23:38 that night, with over 320 grants, totaling more than RMB650,000.
Village-frontline-based efforts
At 10:00 on January 25 (the first day of Chinese New Year), Zhang Zhifang, an employee of Hubei Xiaogan Dawu Sub-branch, and Zeng Zhaotang, a poverty-alleviation official, gave up their family reunion and came to Yandun Village, Hekou Town, Dawu County, a poverty alleviation spot of the Sub-branch. They went across households publicising COVID-19 control policies, investigating the pandemic situation and measuring temperature. They, in collaboration with the village officials, investigated and registered more than 270 people and blocked 11 intersections. All the relocation sites of poor households, village offices and public places were disinfected and 400 masks purchased by the Sub-branch were distributed to the villagers.
At 9:00 on January 26 (the second day of Chinese New Year), Cheng Wanli, a poverty-alleviation official of Xiaogan Branch, came to Shahe Village, Dongxin Town, Dawu County, the Branch's poverty alleviation spot as soon as he received the notice of pandemic control. He brought 200 masks and disinfection supplies to poor households. Along with the team members and village officials, he went to 18 natural bays in the village in groups every day and made household checks on 228 households and 810 people one by one to ensure full coverage.
Donations through green channel
At 14: 00 on January 26 (the second day of Chinese New Year), the Ministry of Civil Affairs published the Circular on Mobilising Charity Forces to Participate in COVID-19 Prevention and Control in an Orderly Way in Accordance with the Law, calling on the whole nation to donate money and supplies for Hubei. With the support of Hubei Provincial Administration of Foreign Exchange, BOC Hubei Wuchang Branch activated two emergency accounts for Hubei Branch of the Red Cross Society and Hubei Charity Federation under the jurisdiction of Liujiawan Sub-branch and Dadongmen Sub-branch, respectively, to support the acceptance of all-currency donations and to open a green channel to ensure timely and efficient transfer of donations.
Despite all difficulties and inconveniences, Liujiawan Sub-branch handled nearly 100 emergency grants for the Hubei Branch of the Red Cross Society with an amount of nearly RMB300 million, promptly opened the online banking payment, handled 128 overseas donations for settlement, printed 100,000 donation receipts, and assisted in sorting out the donation details as a financial volunteer. Dadongmen Sub-branch sent 61 employees to the site of business outlets to handle emergency business, such as enhancement of the online banking authority of the Hubei Charity Federation, posting of cross-border remittances, and settlement of receipts and payments, and received more than 64,000 donations from home and abroad.
An express delivery for COVID-19 control from Luxembourg
Saturday, January 25. Wang Yubo, an employee of BOC Luxembourg Branch, received a phone call from the Branch, "Go to drugstores again and buy as many medical masks as you can!" In those days, Wang Yubo went to drugstores countless times. It was then only two hours before drugstores closed. Wang immediately picked up his car key and ran out, but only got 450 masks after driving around.
"Masks are not scarce at normal times. But they were out of stock within a few days as many local Chinese enterprises and overseas Chinese rushed for masks after the COVID-19 outbreak," Wang Yubo recalled, "The next day was Sunday, and drugstores were still closed. I was then very anxious."
"We can't wait." BOC Luxembourg Branch established an emergency function team for the pandemic situation to deploy and purchase medical supplies to support China. While contacting the medical suppliers urgently, the Branch's employees went to each drugstore to purchase as soon as possible. Medical suppliers first offered to pharmacies, clinics or hospitals, and pharmacies were almost out of stock. Fortunately, unremitting efforts finally brought out the bright side.
"In those days, we often went to a drugstore and became friends with the store owner," Wang Yubo said, "On January 30, he helped contact a French supplier and offered to sell us 30,000 FFP2 medical masks."
On January 31, Wang Yubo and his colleagues drove directly to the supplier's warehouse near Paris, France, and brought 30,000 masks back to Luxembourg.
"You never know how hard a task is until you have done it yourself." After a painstaking purchase of 30,000 masks, the employees thought they could breathe a sigh of relief, but how to get them back to China was a problem.
The COVID-19 pandemic was most severe in Hubei. The first choice for Luxembourg Branch was to ship the masks directly to Wuhan. After many inquiries, it was found that there was no direct logistics channel between Luxembourg and Wuhan. After discussion, the employees agreed that "it will be a victory as long as the supplies are shipped back to China under the severe pandemic situation".
With the help of the Head Office and Brussels Branch, Luxembourg Branch made contact with the Zhejiang Red Cross Society, and 30,000 masks were transported to Hangzhou from Liege, Belgium on February 7 by donation plane. Zhejiang Red Cross Society received the supplies on February 8 and announced publicly.
Luxemburg Branch struck while the iron was hot. On February 5, it again purchased 3,360 FFP3 masks with higher protection level, and completed all donation, shipment and customs declaration formalities in only one day. Later, the branch employees drove 200 kilometers, and the supplies were delivered to the airport warehouse in Brussels, Belgium on time, which were taken by Hainan Airlines flight and arrived in Beijing from Brussels on February 8. On February 9, BOC Charity Foundation received the supplies and donated them to the designated poverty-stricken counties: Beisi County, Xianyang City, Shaanxi Province.
The timely assistance deserves credit. Compared with the huge demand on the frontline of pandemic control, Luxemburg Branch's "express delivery across thousands of miles" was only a drop in the bucket, yet with great love of overseas BOC people.
Left: BOC (Malaysia) Berhad raises 15 tons of medical supplies in only four working days and sends them to China
Right: Tokyo Branch to send the first medical supplies purchased in Japan to Wuhan on January 31
Left: Singapore Branch delivers medical protective supplies to Hubei Province
Right: Dubai Branch supports procurement of medical protective supplies for pandemic control in China
Left: BOC Guangdong Branch raises millions of medical supplies to aid other countries after domestic relief
Right: BOC Beijing Branch donates medical supplies to Italy
Left: Tokyo Branch together with the Chinese Embassy in Japan donates medical surgical masks to Tokyo Kyosai Hospital
Right: Poland Branch donates medical supplies to Polish Red Cross Society
Left: Rotterdam Branch delivers donated medical supplies to Dutch representative
Right: Johannesburg Branch jointly fights the COVID-19 pandemic with local consulate general of
China
Feature: Persistence & dedication to win the fight against poverty
Eradicating poverty is the common ideal of mankind. Since the 18th CPC National Congress, the CPC Central Committee and the State Council have stood at the strategic height of building a moderately prosperous society in an all-round way and realising the "Two Centenary Goals", and have made poverty alleviation a prominent priority in governance and achieved decisive results. Over the years, BOC has taken poverty alleviation as an important political mission to serve the national strategy and development, exerting its multiple strengths of finance, market and platform to explore a sustainable poverty alleviation model that organically integrates charity with a commercial and market-oriented approach. It has helped poverty-stricken areas solve financing, market and technological problems, improve their self-development ability, and increase income to get rid of poverty and achieve prosperity.
In 2020, BOC coordinated efforts to control the COVID-19 pandemic and eradicate poverty, and acted according to the principle that responsibilities, policies, support and regulation must stay the same even after poverty alleviation. It has offered targeted support to four prioritised counties under national poverty alleviation and development, namely Yongshou County, Xunyi County, Chunhua County and Changwu County ("four North-Xianyang counties" hereinafter) in Xianyang City, Shaanxi Province for 18 consecutive years. At the same time, BOC institutions at all levels have continued to support 1,034 villages in poverty. Poverty alleviation results have been consolidated and weaknesses shored up. Poverty alleviation and rural revitalisation have been integrated. So far, BOC has finished all commitments in its poverty alleviation responsibility letter and contributed to the successful closing of poverty eradication.
Strengthening financial poverty alleviation to realise the goal of all-round poverty alleviation
In 2020, BOC developed its annual financial poverty alleviation work programme, updated and revised its business guidelines for corporate poverty alleviation loans, and comprehensively employed financial products and services such as industrial poverty alleviation loans, project poverty alleviation loans, poverty alleviation micro-loans, government-subsidised student loans, poverty alleviation bonds, etc. to provide more diversified sources of funding for the development of poor areas, and help poor areas to speed up the development of featured industries and realise income growth and poverty eradication. As of the end of 2020, the balance of poverty alleviation loans was RMB148.491 billion, up RMB31.212 billion or 26.61% from the beginning of the year.
Increasing capital investment in poverty-stricken areas |
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Strengthening the innovation of financial poverty alleviation service model |
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Enriching the financial service system for helping the poor and farmers |
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A new force for poverty alleviation, engaging in financial services for farmers and small enterprises in counties
As China's largest village bank group, BOC Fullerton Community Bank has been engaging in financial services for farmers and small enterprises in counties. It formulated the four-point strategy to help with poverty eradication. Responding to national policies on industrial development-based poverty alleviation, relocation of impoverished villagers, financial poverty alleviation through micro-credit, BOC Fullerton Community Bank innovated its implementation mechanism and improved products and services. In 2020, it organically integrated poverty alleviation with the resumption of work and production. It promoted proprietary products such as "BOC Fullerton Community Bank Poverty Alleviation Loan", proactively delivered services to households and provided poverty alleviation financial services in the fields, registering RMB2.859 billion in loans for poverty alleviation, lending more than RMB1.7 billion for work and production resumption, and granted nearly 20,000 repayment deferrals.
Note: Employees of BOC Fullerton Community Bank visit poor households and offer them financial services for poverty alleviation
Financial resources help the magnificent Wumeng Mountain to take on a new look
Zhaotong City in Yunnan Province is located in the contiguous poverty-stricken area of Wumeng Mountain, with 10 out of 11 counties and districts being impoverished. BOC Zhaotong Branch, starting with the key factors that restricted the development of local people's well-being, gathered various forces and pooled financial resources, and granted an internal syndicated loan of RMB1.514 billion for the Niulan River Barrier Lake Project to eliminate the hidden dangers of secondary disasters after the Ludian earthquake in a timely manner. It issued Yunnan Province's first short-term financial poverty alleviation bonds of RMB1 billion to support Weixin County's integration of coal and electricity, benefiting 374,400 people and driving 38,500 registered poor people out of poverty. Further, Zhaotong Branch has raised more than RMB800,000 to build bridges, tunnels and roads for the poor, helping them open the "mountain gate" and embark on a long-term path out of poverty.
Increasing targeted poverty alleviation to ensure eradication of poverty
Following the requirements for the final year of the battle against poverty, BOC has offered targeted support with greater determination and efforts, held mobilisation and promotion meetings for poverty alleviation work throughout the Bank, and gathered all parties' efforts for enhanced effectiveness by means of credit supply, free investment and investment matching and attraction. As of the end of 2020, 386 poverty-stricken villages in the four North-Xianyang counties had all been lifted out of poverty, and 47,347 local households and 168,629 poor people registered had been out of poverty; all of the 1,034 poverty-stricken villages offered with targeted assistance by BOC institutions at all levels had been lifted out of poverty.
Organisation and leadership |
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Selection of officials |
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Joint fight against COVID-19 pandemic |
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Capital input |
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Key areas |
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Consumption-based poverty alleviation |
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Personnel training |
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Poverty-alleviation charity |
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On February 25, 2021, the national poverty alleviation summary and commendation meeting was solemnly held in the Great Hall of the People in Beijing. Two employees and two collectives of the Bank were commended. Wang Hanwen, a member of working group in Jalaid Banner, Bayan Wulam Sumu, Gaddai Gacha, Inner Mongolia and an employee of Inner Mongolia Branch, and Zhou Hongning, the first secretary of Fodingshan Village, Pingshan Township, Shiqian County, Guizhou Province and an employee of Guizhou Branch, won the title of "National Advanced Individual in Poverty Alleviation"; the designated poverty alleviation team of Corporate Culture Department of BOC and the poverty alleviation team of the Head Office of BOC in Xianyang, Shaanxi won the title of "National Advanced Collectives in Poverty Alleviation".
Left: Designated poverty alleviation team of the Corporate Culture Department of BOC
Right: Poverty alleviation team of the Head Office of BOC in Xianyang, Shaanxi
Left: Wang Hanwen of Inner Mongolia Branch
Right: Zhou Hongning of
Guizhou Branch
Opening up a new market for unsold apples
Xianyang in Shaanxi Province is China's major apple producer. Since the COVID-19 outbreak, in the four North-Xianyang counties where apple production and marketing are the pillar industries, transaction of refrigerated apples was once close to the freezing point. The fruit farmers and merchants who expected to sell well during the prime time of the Spring Festival were distraught about their unsold fresh fruit.
Learning of the sluggish sales of apples in the four North-Xianyang counties, BOC immediately started its assistance work, mobilising its full strength to quickly launched a campaign of consuming apples in the Spring Festival to promote pandemic control and poverty alleviation across the Bank. During the activity, BOC purchased more than 150,000 boxes of unsold apples in poverty-stricken counties with a total weight of approximately 865,000 kilograms, with purchasing amount of RMB10.65 million, benefiting about 3,400 poor households in total, increasing the average household income by about RMB500, and driving about 800 temporary jobs for poor households.
Poverty Alleviation Office of BOC Head Office
Dahuaishu Village collective e-commerce
(commissioned by BOC)Publicity & advocacy - initiating purchase - placing orders on a platform - coordinating supply of goods - efficient delivery
Apples for sale!! 100,000 tons of apples in the four North-Xianyang counties unsalable due to the COVID-19 pandemic
Note: BOC launches a campaign of consuming apples in the Spring Festival to promote pandemic control and poverty alleviation
Sending warmth to younger generations
With the advent of winter, the temperature dropped significantly, and most areas in China have entered the winter heating period. The problem of heating rural boarding schools was a concern for everyone. In the classroom of Hujiamiao Wanquan Primary School in Chunhua County, the hot-air fans donated by BOCI brought warmth to the children. The children went to study happily and comfortably. In the eyes of the headmaster Cao Haiying, children can study in a warm classroom without worrying about frostbite anymore. He is also more confident in ensuring the teaching effect and students' grades.
On the eve of the International Children's Day on June 1, 2020, BOC employees launched a "Happiness Sending" fund-raising campaign on the BOC Charity platform, donating "Love Bags" to 700 children in Beisi County. These gifts such as brand-new plush toys, dictionaries and gobang have made children excited.
Note: BOC employees send "Love Bags" to children
Witness: Act of Responsibility
BOC red on red land - first secretary Gong Chen's "village stationing+"
In August 2019, Gong Chen set foot on the land of Zhanghe Village, Quzi Town, Yongshou County, Xianyang after the application for poverty alleviation in the village was approved. Gong Chen, who changed from the manager of BOC central procurement centre to the first secretary stationing in the poor village, said, "I realised two dreams at once."
Zhanghe Village is one of the three villages of extreme poverty in Xianyang City. Its resident population are mainly old people and children, with 55 children attending primary and junior high schools. Gong Chen decided to start classes for the children wondering everywhere after school every day, which could improve children's grades and strengthen his ties with the villagers. The class started on a weekend. One hour before the class, Gong Chen, who was still decorating the classroom, heard something outside the door. He opened the door and saw many children. Their grandparents also came to see how the first secretary from Beijing gave lectures.
Gong Chen's first lesson caused a stir in the village. When he re-visited the households, he found that the villagers having children or not all looked at him with respect. The village was poor, but the villagers knew that going to school was promising. He gave lessons in small class from time to time and in big class on weekends. Zhanghe Village's after-school class has been thus known to people around.
With the support of BOC, the village developed 1,050 mu of Chinese prickly ash industry in 2017, and launched a pig breeding industry of more than 3,000 pigs in early 2019. The industries have been going well, but Gong Chen heard the most comments from the villagers on the industrial development.
Gong Chen has acted as an industrial instructor while "stationing in the village and supporting education". Zhanghe Village is more than 40 kilometers away from the county seat, not suitable for developing surrounding economy. Gong Chen remembered the woodlands in Hanyuan Gully after walking around the village for a few days. With the intensification of returning farmland to forests in recent years, the village has owned 2,750 mu of forest land, which can be cultivated under forests!
There were only two sheep farmers in the village. A large area of forest space was unused. According to a rough calculation, at least 100 sheep could be raised on the woodlands. On his class, Gong Chen analysed the benefits and feasibility of raising sheep in forests. He Jingguo from a poor family and Zhang Shuili, a large returner of farmland to forest, were tempted, and now both of them have raised sheep. The once empty forest land became lively.
Zhanghe Village has many wild flowers that bloom continuously in spring, summer and autumn, which have attracted Gong Chen. Wouldn't it be a pity to leave such good resources unused? He contacted around and invited senior beekeepers to the village for guidance, and mobilised eight poor households to breed more than 220 boxes of Chinese bees. As the honey has been getting more, he started acting as the "stationing first secretary and salesman" who contacted the BOC Charity. 175 kilograms of local honey sold for RMB17,500 within one week. The grains have been sold to the canteen of the BOC Head Office. One season of rice increased the income of the village collective by RMB12,000.
Now in Zhanghe village, cattle and sheep are everywhere, and bees are busy making honey. The pungent smell of several thousand mu of Chinese prickly ash, which will soon bring benefits, offers the villagers a sense of security.
Note: Gong Chen, BOC's village-stationed first secretary, visits households to learn about villagers' life conditions
Left: BOC Jilin Branch holds a special sales event of consumption-based poverty alleviation products
Right: BOC Liaoning Branch purchases more than 100 sheep for poverty-stricken households in Zhenggou Village, Jianchang County, Huludao
Left: BOC Guangdong Branch launches the "Children Dream Guardian Programme" for rural children
Right: Young volunteers from BOC Fujian Branch assist in picking and shipping agricultural produce for poverty-stricken areas
Left: BOC Guizhou Branch supports Weining's "Photovoltaic + Agriculture" project for poverty alleviation
Right: BOC Zhejiang Branch expands the sales channels of agricultural produce "Changshan shaddock" from Feidui Village
Left: BOC International purchases poverty-alleviation apples from Beisi County and presents them to medical workers in Hubei Province
Right: BOC Fullerton Community Bank launches poverty alleviation events in the Spring Festival every year
[Social Responsibility Practice]
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Implementing National Strategies and Serving the Real Economy
Economy and finance coexist and boost each other. The financial industry shoulders the mission of providing quality financial services for economic and social development and people's production and life. BOC has kept up with the times when contributing its financial strength as a major state-owned bank to the national strategy and economic growth. In 2020, BOC took various measures in ensuring stability on six key fronts and security in six key areas, serving the real economy, and supporting the inclusive finance and small, medium and micro-sized enterprises. With the vision of innovative, coordinated, green, open and shared development, BOC has supported "new infrastructure and new urbanisation initiatives and major projects of transportation and water conservancy" and the formation of a modern industrial system and of a "dual circulation" development pattern with its professional strength of integrating funds and intelligence.
Sustainable Development Goals (SDGs)
Feature: Fulfilling responsibilities to ensure stability on six key fronts and security in six key areas
For ensuring stability on six key fronts and security in six key areas, BOC has developed a special action scheme, launching 39 specific measures in vitalising market players, innovating financial service models, serving the improvement of people's well-being, and stabilising the supply chain and the industrial chain. It has safeguarded economic fundamentals with practical acts.
Ensuring stability on six key fronts | Employment Financial sector Foreign trade Foreign investment Domestic investment Expectations |
Ensuring security in six key areas | Job security Basic living needs Operations of market entities Food and energy security Stable industrial and supply chain The normal functioning of primary-level governments |
Vitalising market players Support the COVID-19 pandemic containment by providing related enterprises with preferential loans; set up a special credit line of RMB200 billion for the resumption of work and production, and support local enterprises to create more jobs in combination with policies of expanding authorisation, simplifying procedures and reducing fees and giving discounts; enlarge credit support, innovate financing products and strengthen financing connection in "new infrastructure and new urbanisation initiatives and major projects of transportation and water conservancy", inclusive finance, private enterprises and personal credit to vitalize the real economy. |
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Innovating financial service model Develop policies on deferred repayment of principal and interest for small, medium and micro-sized enterprises; increase credit support for key industries in the area of people's well-being, and release credit policies and credit guidance for education, pension, health, sports and other industries; support pandemic-control enterprises, public utility enterprises and local governments to issue bonds for financing; provide enterprises with all-round financial services such as bond issuance and underwriting, direct investment, IPO, insurance products and services for invested enterprises under the "commercial bank + investment bank" model; continue increasing support to inclusive finance by allocating special credit line, setting up staff cost incentives in inclusive finance, improving the setup of independent inclusive finance agencies of tier-2 institutions and inclusive finance team building. |
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Serving the improvement of people's well-being Provide all-round financial services for the full chain of food production, processing, circulation and sales for the national food security and stable production and supply of agricultural products; enlarge credit support for major energy projects, key projects, overseas energy procurement and trade and construction of key infrastructure to safeguard national energy security; fulfill the task of poverty reduction and continue to work on poverty alleviation through consumption and targeted poverty alleviation; provide financial services for collection and regulation of social security funds and social security public services; expand recruitment to create employment opportunities for talents of all kinds. |
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Stabilising industrial chain and supply chain
Continuously increase financing support for corporate procurement, production and sales in the supply chain, and employ financial technology to promote online supply chain finance business; bring into full play the professional strengths of foreign exchange and foreign trade business and the primary channel of cross-border financial services, and give stronger financial service support to foreign trade enterprises; promote foreign cooperation and openness by supporting the Canton Fair and the CIIE, as well as improving the service schemes for cross-border e-commerce and online trading scenarios.
• It provided a total of RMB2,169.8 billion daily working capital for core enterprises in the supply chain throughout the year. It granted RMB794.5 billion credit loans to upstream enterprises in the industrial chain, RMB774.9 billion to downstream enterprises in the industrial chain, depending on the credit support of core enterprises.
• Cross-border RMB settlement by domestic institutions amounted to RMB6.75 trillion, up 34.37% year on year.
Bank-enterprises matchmaking activity helps bank-enterprises financing matchmaking campaign
To better push forward bank-enterprises financing matchmaking, BOC Shandong Branch has initiated the bank-enterprises matchmaking activity, in which professional approvers communicate with entrepreneurs face-to-face to develop tailored service solutions to the problems faced by small and medium-sized enterprises in financing, and eliminate the impact of information asymmetry to the greatest extent. In 2020, Shandong Branch held 44 such activities that enabled approvers to exchange with 1,179 enterprises on site, improving the availability and timeliness of financing for small and medium-sized enterprises.
Note: Relationship managers of BOC Shandong Branch conduct survey in a participating enterprise of bank-enterprises matchmaking activity
Financial resources help stabilise foreign trade
As a pilot bank for the Guangdong Provincial Government's policies on financing of foreign trade enterprises and loan to processing trade enterprises, BOC Guangdong Branch has set up a flexible inter-departmental team to push forward the implementation of relevant projects, with stronger financial support for small and medium-sized foreign trade enterprises and processing trade enterprises. As of the end of 2020, BOC Guangdong Branch handled on-and off-balance sheet financing business of RMB16.829 billion for 303 processing trade enterprises under the policy of processing trade loan and RMB347 million of financing business for 127 small and medium-sized foreign trade enterprises under the policy of trade financing.
"The 'processing trade loan' financing scheme provides a lower interest rate than the market level and can quickly review the loans within one working day, helping us tide over hard times." - By a client of BOC Guangdong Branch in the fashion industry
Note: BOC Dongshan Sub-branch in Guangzhou introduces exclusive financial service scheme to a "trade loan" customer
Inclusive finance makes real the dream of villagers in "golden valley" of Qinghai Tibetan-inhabited area
Tongren County, 180 km from Xining City, Qinghai Province, is called Regong in Tibetan, meaning "a golden valley where dreams come true". With complicated terrain, high mountains, sheer cliffs and ravines, its economy is so backward to be one of the extremely poor counties in Qinghai Province.
Tongren County has rich yak milk, but because of its remote location, lack of systematic, advanced processing technology, resources are difficult to be fully utilised. In 2014, the native Tibetan man named Cai Luojia established a yak dairy development company, which is dedicated to taking the Tibetan dairy products out of Qinghai and building Qinghai's "green food brand" to lift the local herdsmen out of poverty. However, the funds shortage has led to blocked sales channels and narrow business coverage. The early period of development was a hard time.
In 2018, BOC Qinghai Branch went to Tongren County, and provided financing services for local small and micro enterprises. The customer manager of the designated service communicated with fellow villagers with the Tibetan learned by himself and even body languages. In this way, he got to know the industrial and business situations of enterprises there, and then helped them initiate credit application. BOC Qinghai Branch's SME Services Department opened a green channel for loans. In June 2018, the first liquidity loan of RMB5 million was granted, and only then did Cai Luojia burst into a bright smile.
With the support of BOC credit funds, Cai Luojia's business has not only opened up the market but been favoured by a New Zealand dairy company as its first partner in northwest China, by relying on its quality products, steady management and expanded sales channels.
In 2019, BOC Qinghai Branch invited a number of small and medium-sized enterprises, including Cai Luojia's company, to attend cross-border matchmaking meetings such as the BRI Cross-border Investment Conference in Chongqing and the Malaysian SME Meeting to help enterprises expand their overseas customer base. As of the end of 2020, the total amount of credit granted by BOC Qinghai Branch to this company has rose to RMB9.5 million and the business has set sail.
"International cooperation was always beyond our reach. Our attempts to communicate via e-mail had been unsuccessful. I didn't expect that through the meeting, I had a smooth face-to-face exchange with foreign enterprises and reached a cooperation intent," said Cai Luojia. Growing up in the mountains, Cai Luojia now walks out of the mountain through hard work and also brings his villagers to the outside world.
Note: In 2020, Cai Luojia participates in the trade and investment matchmaking meeting of the third CIIE in Shanghai
1.1 Financial force serving "dual circulation"
BOC has integrated into the new development pattern featuring "dual circulation", with domestic circulation as the mainstay and domestic and international circulations reinforcing each other. It continuously improved its product R&D and innovation capacity, served the real economy, supported the development of the Beijing-Tianjin-Hebei region, the Yangtze River Delta and Guangdong-Hong Kong-Macao Greater Bay Area with its financial strength, and boosted the open economy.
Implementing major regional strategies
Based on the development goals and principles of major regional strategies of the state, BOC has formulated and implemented relevant work programmes for key regions and stepped up its resources support.
Supporting Beijing-Tianjin-Hebei coordinated development
BOC has input financial resources into the Beijing-Tianjin-Hebei coordinated development and worked hard on product innovation and service improvement in areas such as major infrastructure construction, industrial transformation and upgrading, development of emerging industries and improvement of people's well-being. As of the end of 2020, a total of 730 projects for the Beijing-Tianjin-Hebei coordinated development were supported, with a loan balance of RMB297.55 billion; the total loan amount was RMB574.21 billion.
Deepening Beijing-Tianjin-Hebei coordinated development projects
In terms of five major areas of transportation integration, weak link improvement in key areas, industrial transformation and upgrading, strategic emerging industries and medical care and education, BOC Hebei Branch gave preferential support to "three zones and one base"Note 1 regarding credit approval, loan scale, resource allocation and channel building. As a result, it supported 362 Beijing-Tianjin-Hebei coordinated development projects with loans of more than RMB214 billion extended.
Note 1: "Three zones and one base" refer to an important national base for trade and logistics, a pilot zone for industrial transformation and upgrading, a demonstration zone for new urbanisation and urban-rural integration, and Beijing-Tianjin-Hebei ecological buffer zone.
Supporting the construction of Xiongan New Area
Being committed to high-standard services for the construction of Xiongan New Area, BOC continuously stepped up financial support for the construction of major transportation projects and key areas as well as enterprises within Xiongan New Area. As of the end of 2020, it approved a total credit amount of RMB240 billion for major projects and enterprises in Xiongan New Area, with a cumulative credit loan of nearly RMB10 billion granted.
Widening opening-up | With a focus on support for widening opening-up of Xiongan New Area, BOC leveraged on its global and integrated advantages to introduce the two-way financial opening-up in the area, to serve the construction of its free trade zone and advance the cross-border cooperative projects. |
Smart city | Aiming at the building of a smart city through innovation, BOC deeply involved in the construction of "Digital Xiongan". In 2020, it set up China's first innovation R&D base in Xiongan. |
BOC Fullerton Community Bank established an investment management village bank in Xiongan New Area in August 2020, and has offered services across China with faster product innovation and financial service upgrading. It has worked to build a scenarios-driven community bank, agile bank and science and technology bank to explore new models for serving the development of small and micro enterprises nationwide and of the real economy.
Note: The "entrepreneurship loan" of BOC Fullerton Community Bank supports the development of corporate customers in Xiongan New Area
Supporting Yangtze River Delta integration
BOC has pushed forward the integrated financial service programme for the Yangtze River Delta, based on the five-pronged service systems of "connectivity, tech-empowered service, happiness and wellness, factor synergy and green finance". In October 2020, BOC held the opening ceremony for institutions in the Yangtze River Delta Integration Demonstration Zone in Shanghai, and the first three branches in Qingpu, Wujiang and Jiashan were approved by the local office of the CBIRC. The branches in the demonstration zone, relying on their position advantage, will focus on the regional development featuring "ecological, innovative and humanistic integration" to advance the pilot financial services in the demonstration zone.
Meanwhile, BOC explored an integrated region coordination model, relying on the Group's advantageous resources to achieve information sharing, improve the response speed and intensity of financial services, and fully meet customers' multi-level financial needs.
Note: BOC holds the opening ceremony for institutions in the Yangtze River Delta Integrated Demonstration Zone.
Regional transportation integration | The "Railway e-Card" has been launched for 28 railway lines nationwide; the mobile banking has supported scanning QR code to take bus and subway in 21 key cities and areas in the Yangtze River Delta region, including Shanghai, Ningbo and Suzhou. |
Smart government affairs | It has promoted the application of government affair services on the bank side, and integrated the national government affair service platform's financial functions to facilitate enterprises and benefit the people, and worked closely with Shanghai Municipal People's Government in developing the electronic certificate system. |
Integrated and diversified services | The Group's comprehensive operation companies have played their role in offering integrated services and demonstrated the innovation model. BOC Yangtze River Delta Fund with a total volume of RMB30 billion was successfully established and projects such as market-oriented debt-to-equity swap funds were launched. |
Supporting the construction of Guangdong-Hong Kong-Macao Greater Bay Area
Based on the Plan for Business Development in Guangdong-Hong Kong-Macao Greater Bay Area, BOC has continuously explored and innovated in finance concerning people's livelihood, cross-border finance, fintech, etc. to provide more convenient services for enterprises and residents in the Greater Bay Area. It also continued to promote credit support for important industries in the Guangdong-Hong Kong-Macao Greater Bay Area, providing financial security for industrial development.
BOC has created a series of products to meet the needs of account opening, payment and consumption. Among them, "Account Opening Witness" facilitates Hong Kong residents to open personal accounts in the Chinese mainland, with the total number of customers exceeding 120,000; "Business Connect" covers nearly 400 merchants in Guangzhou, Shenzhen, Hong Kong and Macao, and has set up a preferential business zone on the credit card APP to further meet the living needs of residents in the Guangdong-Hong Kong-Macao Greater Bay Area.
Supporting Hong Kong and Macao residents to participate in the development of the Guangdong-Hong Kong-Macao Greater Bay Area
BOC Macao Branch, in cooperation with Zhuhai Real Estate Registration Centre, has developed a service model of "Internet plus Finance" for real estate registration, which realizes one-stop service without clearance, providing a financial service of one-day mortgage and one-day posting. It supports Zhuhai real estate information inquiry, property certificate application and online electronic evidence collection, providing convenient financing services for Macao residents' capital turnover, house purchasing and daily consumption. In addition, BOC Macao Branch engaged in the first large livelihood cooperative project between Hengqin and Macao governments - Macao New Neighborhood. The project expanded living space for Macao residents in the Greater Bay Area, improved living environment, and provided them with a more convenient life.
Note: BOC Macao Branch actively engages in the "Macau New Neighborhood" project.
Cross-border financial innovation for the Guangdong-Hong Kong-Macao Greater Bay Area
Since China has financially supported the construction of Guangdong-Hong Kong-Macao Greater Bay Area, BOC Guangdong Branch has quickly brought a series of cross-border service innovations into practice, provided professional and efficient cross-border financial services to more than 1,000 enterprises in eight cities in the Greater Bay Area, reduced corporate operating costs and made their capital flow more efficient. In July 2020, BOC Nansha Branch in the Guangdong Pilot Free Trade Zone successfully handled China's first verification of the authenticity of foreign debt settlement facilitation through the cross-border financial block chain service platform, which has shortened the business processing time from three hours to 15 minutes.
Connecting insurance services of the Guangdong-Hong Kong-Macao Greater Bay Area
BOCG Insurance, in partnership with BOC Insurance and Luen Fung Hang Life Limited in Macao, has offered and assisted the gaining of automobile insurance for auto owners who can pass through the Hong Kong-Zhuhai-Macao Bridge, and launched supporting services. BOCG Insurance put into operation "Easy Vehicle Insurance Quotation" in the Guangdong-Hong Kong-Macao Greater Bay Area in September 2020, which optimised the quotation process and was highly recognised by residents and regulators in the Greater Bay Area.
ಥमዦɽ Hong Kong-Zhuhai-Macao Bridge ɧήӛԓڭᎈਕ Automobile Insurance for Hong Kong, Macao and Guangdong ʕვණྠڭᎈ BOCG Insurance ਕᆠᇞ Service hotline
Note: BOCG Insurance launches automobile insurance for auto owners who can pass through the Hong Kong-Zhuhai-Macao Bridge
Supporting development of the Belt and Road Initiative
To actively respond to the Belt and Road Initiative, BOC has provided the Belt and Road Initiative (BRI) with diversified financial products and services, promoting the connectivity of BRI resources and the implementation of major projects. As of the end of 2020, BOC has established institutions in 61 countries and regions, including 25 BRI neighboring countries, presenting as the Chinese bank with the most expansive coverage; over 600 major BRI projects were followed up, and a total loan amount of USD185.1 billion was offered to countries and regions alongside the Belt and Road.
Serving Chinese enterprises "going global" | Relying on a rich and complete product system, wide distribution of overseas institutions and numerous channels of correspondent banks, BOC continued to offer all kinds of financial services for Chinese enterprises in BRI neighboring countries, support enterprises in overseas project bidding and contract negotiations, and furnish them with feasible and risk-controllable solutions to the letter of guarantee business. |
Supporting key cooperative projects | BOC's overseas branches have made active efforts to follow up demands of major projects construction and participated in key BRI cooperative projects. BOC has seen fruitful results in areas like infrastructure construction and industrial transformation and upgrading, and made outstanding contributions to the local economic prosperity and social development. |
Cooperation with third parties | BOC cooperated with financial institutions and customers in developed countries, and developed third-party market partnerships by exporting structured financing products such as buyer's credit and project financing and taking advantage of strength in business network and layout, project experience and customer relations, reaching a number of BRI-related business and achievements. |
Promoting global integrated operation | BOC has cooperated with the PBOC and supported the direct transactions of RMB in the inter-bank foreign exchange market against currencies of BRI neighboring countries. The number of quotable foreign currencies offered by BOC rose to 110, including 46 currencies of BRI neighboring countries. Even for currencies that have not yet been covered, BOC's overseas branches have been able to offer exchange rate hedging services in local financial markets for "going global" enterprises. |
Boosting China-Greece energy cooperation
Upon learning about the refinancing needs of IPTO, an investment project of the State Grid Corporation of China in Greece, BOC Athens Branch acted to communicate with local banks and customers. As the only Chinese bank, it successfully led the preparation of a EUR400 million refinancing syndicated loan for the Greek power grid operator in the capacity as the "appointed leading bank".
Supporting the construction of Almaty Ring Road
London Branch and Kazakhstan Branch successfully signed a loan agreement with the European Bank for Reconstruction and Development (EBRD) for part of the syndicated loan for the Almaty Ring Road. The Almaty Ring Road, with a total length of about 66 km, runs through the Western Europe-Western China Highway. It is the first road built with PPP financing model in Kazakhstan, and is in line with Kazakhstan's "Bright Road" new economic policy and the BRI.
Foreign guarantee service helps Kaishan compressor "Go Global"
Zhejiang Kaishan Compressor Co., Ltd. is China's largest air compressor manufacturer with globally leading core technology. It has been committed to the geothermal energy development with its original "one well, one station" distributed wellhead power station model. BOC Zhejiang Branch, relying on its advantage in foreign exchange business, offered foreign guarantee services for the company. As of the end of 2020, Zhejiang Branch has successively issued foreign guarantees of USD8.45 million for the Indonesia geothermal project, USD10.6 million for the Kenya geothermal project and USD210 million for the Hungary geothermal project, facilitating the smooth progress of major BRI projects.
Note: Phase I of Indonesia geothermal project supported by Zhejiang Branch
Expanding cross-border financial services
BOC has developed and issued 13 measures for stabilising foreign trade and jointly launched exclusive service schemes for stabilising foreign trade and foreign investment with local commerce authorities in over 30 provinces and cities across China to further strengthen financial service support for foreign trade enterprises. BOC has vigorously provided cross-border matchmaking services to help enterprises achieve foreign cooperation in trade, investment, technology import, etc. In addition, BOC has been an active part in innovating cross-border business models and building a cross-border block chain platform to expand cross-border financial services continuously.
Expanding cross-border e-commerce scenarios | BOC has worked with third-party payment agencies to develop cross-border e-commerce services, increase typical service scenarios for individual and business customers, and enrich cross-border e-commerce products and functions. |
Driving digital transformation of cross-border business | BOC has provided bank-enterprises connectivity interface for foreign trade service enterprises and cross-border payment agencies, integrated cross-border scenarios, and offered automated transaction services including continuous quotation of foreign exchange and settlement and sale products. |
Enhancing support for foreign trade enterprises | BOC has helped enterprises retain orders and stabilise production by increasing the financing of export credit insurance, expanding the financing of import and export trade, and reducing fees and giving discounts. More than 120 expert hotlines for import and export have been opened, offering more than 30,000 consultations in 2020. |
Cross-border matchmaking services | A total of 72 cross-border matchmaking meetings were held, attracting 30,000 Chinese and foreign enterprises from 125 countries and regions in industries of information technology, bio-medicine, high-end manufacturing, modern agriculture, new energy, environmental protection, education, medical care, tourism, etc. |
Boosting development of cross-border block chain platform
The connectivity project between the PBOC's trade finance blockchain platform and Hong Kong trade finance platform is a major financial cooperative project between the mainland and Hong Kong of China, and formally entered trial run on November 3. As one of the cooperative banks, BOC was deeply involved in the whole course and invited four clients to use it at the first time of the trial run of the project. Also, it facilitated the connectivity between Guangdong and Hong Kong and between Shenzhen and Hong Kong through Guangdong Branch, Shenzhen Branch and BOCHK, offering trade financing services to exporters in the mainland and importers in Hong Kong in cross-border trade.
BOC, among the first batch of pilot banks, actively participated in the development of the cross-border financial blockchain platform of the State Administration of Foreign Exchange (SAFE) by making use of its professional strengths in stages including scenario design, business promotion and system connection. It initiated the business in the pilot phase among banks and ranked first in the cross-border blockchain platform regarding the business volume. BOC became the first of the four major banks that realised system connection with the platform in August 2020.
Supporting online Canton Fair
As a permanent financial service provider of the China Import and Export Fair (hereinafter referred to as the "Canton Fair"), BOC supported the smooth convening of the 127th and 128th online Canton Fair in 2020. BOC Guangdong Branch and overseas branches devoted to online promotion in 35 global key markets. They met exhibitors' online service demands via corporate online banking, mobile banking, etc. During the two sessions of the Canton Fair, they handled cross-border settlement business amounting to nearly RMB40 billion. BOC Guangdong Branch and China Foreign Trade Centre jointly held off-line financing meetings during the 128th Canton Fair, attended by nearly 200 small and medium-sized foreign trade enterprises from the Guangdong-Hong Kong-Macao Greater Bay Area, and a credit intent worthy of RMB1.3 billion was reached.
Note: BOC fully supports the online Canton Fair
Supporting the building of new free trade zones (FTZ)
Since the construction of China (Shanghai) Pilot Free Trade Zone in 2013, BOC has brought to the full play its role of globalisation and integration platform in the deep engagement in financial service reform in free trade zone. In September 2020, after the State Council released new FTZ programmes, BOC initiated financial services for new FTZs in Beijing, Hunan, Anhui and Zhejiang, and released an action plan in support of the expansion of China (Zhejiang) Pilot Free Trade Zone.
Hainan Free Trade Port | In September 2020, BOC released the Integrated Financial Services Programme of Bank of China for Hainan Free Trade Port, which proposes 30 measures to help Free Trade Port develop its leading industries, build featured scenarios, promote free and convenient trade and investment, and advance smart partnership in Hainan. BOC Hainan Branch handled export receivables financing for Tongwei (Hainan) Aquatic Food Co., the first such business based on blockchain technology across the province, which was covered by CCTV News. |
Xiongan Pilot Free Trade Zone | BOC Xiongan Branch in Hebei assisted Xiongan Customs to handle "two-step declaration" pilot business, realising the first electronic consolidated tax guarantee in Xiongan New Area. Xiongan Branch conducted the first "blockchain + digital currency" business in China, which became a case of digital economy and financial innovation based on blockchain technology that can be replicated and promoted. Xiongan Branch handled the first foreign capital re-investment business, and boosted the implementation of free trade innovation policies. As the leading underwriter, Xiongan Branch successfully issued the first "Bond Connect" for China Xiongan Group in the free trade zone. The Xiongan Pilot Free Trade Zone sub-branch was opened. |
China (Anhui) Pilot Free Trade Zone | After the approval of China (Anhui) Pilot Free Trade Zone, based on the development needs of the real economy in the FTZ, BOC Anhui Branch moved quickly to establish professional organisations and explored and innovated in product design, business model and service flow. It has set up two FTZ sub-branches and three FTZ special sub-branches in Wuhu, Bengbu and Hefei. |
China (Heilongjiang) Pilot Free Trade Zone | After the State Council circulated the Master Plan for China (Heilongjiang) Pilot Free Trade Zone, BOC Heilongjiang Branch immediately submitted the general service plan for the FTZ to government agencies and set up FTZ sub-branches in Heihe and Suifenhe in a short time. At the time of establishing a branch in Harbin New Area, BOC unveiled the first Russia financial service centre in Heilongjiang Province, being the first bank whose service institutions cover the whole FTZ, and the first to handle international settlement, trade financing, settlement and sale of foreign exchange, etc. in the FTZ. |
China (Hunan) Pilot Free Trade Zone | Since the establishment of China (Hunan) Pilot Free Trade Zone, BOC Hunan Branch has striven to be a "forerunner of free trade financial services". Based on the development needs and regional characteristics of Changsha, Yueyang and Chenzhou regions, BOC Hunan Branch has set up specialised sub-branches that offers diversified financial support for major industry development, Medium-, small- and micro-sized enterprises nurturing, infrastructure construction, cross-border operation, integration of commercial and investment banking, etc. In 2020, Hunan Branch granted loans of RMB9.6 billion to enterprise and RMB2.2 billion to infrastructure construction in the zone, handled international settlement business amounting to USD650 million for enterprises in the zone, accomplished cross-border RMB two-way capital pooling business of RMB700 million, and issued ultra-short-term financing bonds of RMB2.5 billion. |
China (Beijing) Pilot Free Trade Zone | The day after China (Beijing) Pilot Free Trade Zone was unveiled, BOC Beijing Branch contacted some key enterprises in the zone and provided cross-border remittance services under the condition of trade facilitation. On the day when the Beijing FTZ's high-end industrial zone was listed, it immediately offered international settlement and cross-border RMB services. |
Boosting RMB Internationalisation
To strongly support RMB internationalisation, BOC has pitched into cross-border RMB product innovation, service improvement, and policy formulation and research. As of the end of 2020, BOC finished cross-border RMB clearing business amounting to RMB471 trillion and settlement business of RMB9.20 trillion.
Promoting cross-border use of RMB | BOC worked with the PBOC and SAFE in the pilot operation of high level trade and investment facilitation, assisted the PBOC in preparing the Professional Committee on Cross-Border RMB and played an important part in it, facilitated the cross-border use of RMB in FTZs, researched policy on the use of RMB for BRI, and cooperated with the PBOC in preparing RMB Internationalisation Report 2020. |
Maintaining RMB clearing service | As of the end of 2020, BOC accounted for 13 of the 27 offshore RMB clearing banks designated by the PBOC. Cross-border RMB clearing centres kept operating even during the pandemic period to ensure the unceasing functioning of cross-border RMB clearing business and provide quality, efficient RMB clearing services for domestic and overseas customers on a continuous basis. |
Commodity pricing and settlement | BOC handled RMB-denominated settlement for iron ore imported by Baosteel Resources (International) Co., Ltd. through its Hong Kong subsidiary and iron ore imported by AnSteel Group from Rio Tinto Group's Singapore branch, helping RMB enter the commodity trading and pricing system. |
Growing RMB influence | BOC continued to publish BOC Cross-border RMB Index (CRI), BOC Offshore RMB Index (ORI) and the White Paper on RMB Internationalisation, which altogether offered reference for global customers to know and use RMB. |
Endless innovation on offshore RMB personal investment products
Offshore market demand for investment in Chinese capital market grows on a yearly basis. To meet customers' investment needs, BOC Malaysia Berhad has tried to develop RMB personal investment products in the offshore market. It issued RMB bonds and the first RMB fund successively, further enriching RMB investment products.
Making Colombian people's "subway dream" come true
A Chinese corporate consortium consisting of China Harbor Engineering Co., Ltd. and Xi'an Rail Transit Group Co., Ltd. won the bid of the first subway project in Bogota, Colombia, in 2019, with a total contract value of over USD5 billion. It is the first subway line built and operated by Chinese enterprises in Latin America. BOC Panama Branch cooperated closely with the consortium to open settlement account of the project in multiple currencies, and offered convenient services of international settlement and account management.
Serving the 3rd CIIE
BOC has fully participated in CIIE for three consecutive years as its only one strategic partner. During the 3rd CIIE, BOC made outstanding contributions in foreign investment attraction, domestic investment attraction, financial services and exhibition services.
BOC launched a global "online + offline" service platform for cross-border matchmaking, which expanded online trade and investment matchmaking volume and met the needs of domestic and foreign enterprises unable to be present because of the COVID-19 pandemic with more powerful "digital, professional and targeted" online services.
Note: BOC fully supports CIIE online investment matchmaking.
Trade and investment matchmaking | The "online + offline" trade and investment matchmaking was successfully held, invited 674 exhibitors and 1,351 purchasers from 64 countries and regions and 861 cooperation intentions were reached. |
Investment attraction roadshow | BOC supported the whole course of investment attraction roadshows. Specifically, it assisted CIIE Bureau in organising over 20 roadshows across China, supported overseas roadshows by CIIE Bureau and online investment attraction. |
Propelling exchanges | Large online customer strategy meetings and theme salons were held, with enterprises invited to exchange on the macroeconomic situation, RMB exchange rate, interest rate trend, etc. at home and abroad. |
China-Argentina matchmaking meeting for wine industry
The trade and investment matchmaking meeting of the 3rd CIIE is the first matchmaking activity at night. BOC co-hosted a China-Argentina matchmaking meeting for wine industry with the Argentine Ministry of Productive Development and the Chinese Embassy in Argentina, building a platform of communication and cooperation between Chinese and Argentine enterprises in the wine industry.
Note: China-Argentina online matchmaking meeting
1.2 Integrating resources to boost "new infrastructure"
BOC formulated the Guiding Opinions on Credit Extension in Support of New Infrastructure and Remedying Shortcomings in the Fields of Infrastructure, insisted on paying equal attention to new and old infrastructure and new urbanisation, focused on credit extension opportunities in areas such as highways, urban rail transit, and railway construction, actively contacted key hydraulic engineering projects, and carried out business such as land transfer, urban renewal, and renovation of old urban areas in an orderly manner. At the same time, it researched and formulated relevant credit policies and guidelines for key new infrastructure areas such as 5G, artificial intelligence, industrial internet, big data centres and charging piles for new energy vehicle.
In 2019, BOC set up the "Joint Laboratory of Transportation, Finance and Technology Innovation" together with the China Highway & Transportation Society to promote the integration and innovative application of transportation and finance scenarios. In 2020, the Laboratory issued the White Paper on Transportation Blockchain (2020), which became the first industry standard in the application area of transportation blockchain technology in China.
Supporting the construction of urban rail transit
BOC actively supported the financing needs of various regions in their construction of urban rail transit. It took the lead in organising the RMB14.4 billion syndicated loan project for the Hefei Metro Line 5, the RMB9.4 billion syndicated loan project for Line 7, and the RMB3 billion syndicated loan project for Phase I of the Shenzhen Metro Line 8, and acted as the main underwriting bank for the RMB3 billion bonds of Chongqing Metro and RMB900 million bonds of Nanjing Metro. As of the end of 2020, the balance of loans to urban rail transit segment was RMB222.597 billion, with an increase of RMB24.29 billion or 12.25% over the beginning of the year.
Supporting Henan Province in implementing the expressway PPP project
In January 2020, BOC Henan Branch held a signing ceremony for the RMB4.4 billion syndicated loan for some sections of the Xinxiang-Jincheng Expressway, in which Xinxiang Rongsheng Expressway Construction Co., Ltd. and six financial institutions including BOC Henan Branch signed a Syndicated Loan Contract. The Expressway, with a total investment amount of RMB7.475 billion and a total length of 69.75 kilometers, is an important passage for Xinxiang to open to the outside world. The syndicated loan is the first PPP project implemented for private expressway in Henan, with BOC Henan Branch as the leading and agent bank.
Note: The construction site of Xinxiang-Jincheng Expressway
Creating a new pattern of transportation and finance with the help of blockchain
In 2020, BOC FinTech rolled out the Qianmo blockchain service platform (referred to as "Qianmo chain") for the Joint Laboratory of Transportation, Finance and Technology Innovation. As the first basic blockchain service platform independently developed in China for the national transportation industry, Qianmo chain has been applied in many scenarios such as credit transportation, safety production and market supervision, and has helped the transportation industry build an all-round credit supervision system and establish a safe production supervision model based on mutual trust between government and enterprises. At the same time, BOC FinTech and Scientific and Technological Development Co., Ltd. of China Academy of Transportation Science have developed a credit transportation blockchain platform to build a credit-based, full-cycle and closed-loop monitoring system. Besides, BOC FinTech has developed a transportation blockchain management platform for Huaibei City in collaboration with the Huaibei Transportation Bureau to promote the digital transformation and upgrading of the transportation sector.
Note: BOC Financial Leasing leverages its strengths in finance lease to support the construction of infrastructure. It conducted a leaseback project worth
RMB2.253 billion for Kunming Rail Transit Group Co., Ltd. in 2020
1.3 Activating the "new driving force" for industrial development
BOC has continued to increase support for the development of manufacturing and strategic emerging industries and the upgrading and reconstruction of traditional industries through optimising the allocation of credit resources and the provision of diversified services.
Supporting the development of the manufacturing industry | BOC has carried out the research project on "Supporting High-quality Development of the Manufacturing Industry", formulated credit policies for industries such as integrated circuit, new energy automobile and new materials, and carried out special training programme. As of the end of 2020, the balance of loans to the domestic manufacturing sector totaled RMB1.46 trillion, with an increase of RMB105.7 billion over the beginning of the year. |
Supporting strategic emerging industries | BOC has formulated and improved credit policies for industries such as internet, medical devices, pharmaceutical manufacturing, new materials and integrated circuits and has effectively guided the credit orientation of the industry. In addition, it has provided various services such as the receiving bank and the underwriting bank for IPO, cross-border fund pool, employee stock ownership plan and credit extension for unicorn enterprises in various subsectors, and has strengthened support for strategic emerging industries by making use of comprehensive platforms and debt-equity combination financing. In 2020, it signed 130 options loans businesses with scientific innovation-based enterprises, with a credit balance of RMB1.2 billion. |
Serving strategic industrial clusters in Guangdong
In September 2020, the Department of Industry and Information Technology of Guangdong Province and BOC Guangdong Branch jointly launched the Exclusive Financing Service Programme for Nurturing and Developing Strategic Industrial Clusters, planning to provide RMB500 billion of new loans over the next five years to enterprises in strategic industrial clusters in Guangdong Province, create exclusive financing service products for leading enterprises of industrial clusters, industrial chains of core enterprises, supply chain customers and supporting service enterprises, technological transformation and enterprises on the industrial internet "cloud-on-platform", innovative small and medium-sized enterprises, etc., promote the growth and development of industrial chain-oriented enterprises, support the upstream and downstream integration of industrial chain enterprises, and help small and medium-sized enterprises in characteristic industrial clusters to speed up their intelligent and digital transformation and upgrading.
Boosting industrial transformation and upgrading
BOC Shaanxi Branch has provided syndicated loan service for the innovative coal utilisation project of Shaanxi Coal and Chemical Industry Group Co., Ltd. The project is a large-scale coal and chemical key project under construction by Shaanxi Coal and Chemical Industry Group Co., Ltd. with an investment amount of RMB21.7 billion. It is also a landmark project for Shaanxi Coal and Chemical Industry Group Co., Ltd. and even the national coal industry to change from fuel to raw materials and realise the parallel development strategy of energy and materials. The syndicated loan service has provided financial support for the project, supporting Shaanxi Coal and Chemical Industry Group Co., Ltd. to build a world-class supplier of clean energy and provider of new materials and high-end manufacturing services, as well as contributing to environmental protection.
As an official partner of 2022 Beijing Olympic Winter Games and Paralympic Winter Games, BOC has supported the construction of venues and infrastructure for the Winter Olympics while ensuring regular financial services for the Winter Olympics to promote the development of the ice-snow sports industry. As of the end of 2020, BOC provided credit support on ice-snow projects for 12 provinces, municipalities and autonomous regions, including Beijing, Hebei, Heilongjiang, Jilin, Xinjiang and Shaanxi, involving more than 30 key ice-snow projects, with a total approved credit of RMB56.7 billion and accumulated loans of RMB25.9 billion.
Supporting the construction of Beijing-Zhangjiakou High-speed Railway
Since the beginning of the planning of the project Beijing-Zhangjiakou Intercity Railway, which is a key transportation support project for Beijing Winter Olympics in 2015, BOC Beijing Branch and Hebei Branch have vigorously marketed to project company and approved a credit line for it. BOC provided a total of RMB4.951 billion in loan support for the project over the past five years. The Beijing-Zhangjiakou High-speed Railway, which connects Beijing with venues in Zhangjiakou, Chongli and other places, is a supporting infrastructure project for the 2022 Beijing Winter Olympic Games and a key transportation infrastructure for the coordinated development of Beijing, Tianjin and Hebei. The Beijing-Zhangjiakou High-speed Railway has fully opened, allowing an-hour travel from Zhangjiakou to Beijing.
Note: BOC Sichuan Branch holds a media event themed with "Ski Together"
1.4 Supporting remediation of shortcomings in the fields of people's livelihood
BOC is highly concerned about the development needs in the fields of people's livelihood, and has continuously increased its financial and credit support in the areas of indemnificatory housing, municipal services, medical and health care, and people's living consumption, and fully integrated intelligent technical services to create more intelligent scenarios beneficial and favourable to the people.
Facilitating the construction of indemnificatory housing | Acting on the principle that houses are for living in, not for speculation, BOC supported the construction of indemnificatory housing through financing and financial products, and increased the supply of indemnificatory housing. As of the end of 2020, the balance of loans to government-subsidised housing projects was RMB151.445 billion. |
Promoting the popularisation of electronic social security card | BOC has further promoted the popularisation of electronic social security cards throughout China, and has advanced the digitalisation of the field of ensuring people's livelihood. As of the end of 2020, BOC issued 2,549,600 electronic social security cards, of which 1,495,900 were issued in 2020. |
Serving the medical and health undertakings | BOC has continued to increase credit support in the medical and health sector. As of the end of 2020, the balance of loans to the health sector was RMB46.2 billion, with an increase of RMB12.5 billion (37%) from the beginning of the year. |
Supporting the field of people's living consumption | BOC has formulated credit policies for areas such as sports, health, pharmaceutical manufacturing and medical devices, and has expanded channels for support by means of debt-equity combination financing and scenario building to further increase credit support for people's livelihood. |
Supporting Xiongan to build a public service platform
The Public Service Platform is the basic supporting platform for public service built by Xiongan New Area. The platform will integrate government functions in the fields of education, health care, cultural tourism, sports and other areas of people's livelihood to achieve information sharing and intelligent services. BOC has taken the lead in completing the top-level design of the platform, and will continue to carry out financial innovation at a higher level to enhance its core competitiveness in the field of fintech innovation in Xiongan New Area, and integrate into the digital development of Xiongan and regional development process, aiming to promote BOC's business development and create a fintech innovation brand.
Building an integrated platform of government affairs service
BOC Guangdong Branch has built an integrated platform for government affairs service in Guangdong in close cooperation with the Guangdong Provincial Government Affairs Service Data Administration, and advanced the implementation of the initiative of "integrating government affairs into branches" through technological innovation combining internet, government affairs and finance, ensuring that government affairs services can be handled at the nearest branch, completed in one go, and handled across cities. Government affairs services that can be handled at the intelligent counters include 14 categories and 113 sub-categories, covering government affairs such as housing fund, human resources and social security, health insurance, hygiene and health, justice, taxation, public security, natural resources, customs and meteorology.
Note: BOC Shantou Branch launches government affairs service at intelligent counters in December 2020
Model branch in processing finance-based social security card
As the undertaker of health insurance cards of Yunnan Province, BOC Yunnan Branch has used the intelligent counters to enhance the efficiency of application for new finance-based social security cards, and has achieved a rapid process of "obtaining the card through several clicks on the machine". In the face of a keen demand for cards, BOC Yunnan Branch has shortened the service time of applying for a finance-based social security card from 30 minutes on average at the counter to 12 minutes through active coordination, increasing equipment and optimising processes, bringing great convenience to the public.
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Providing Excellent Services Empowered by Technology
FinTech is becoming an important driving force to the digital transformation of commercial banks, profoundly changing the business model of the banking industry. The outbreak of COVID-19 has caused a great impact on the real economy and financial market, and accelerated the change of consumer behavior and the digital transformation of financial industry. BOC has adhered to the "customer-oriented" principle, vigorously promoted the development of digitisation, deepened the integration of science and technology with business, continuously promoted the ecological construction of scenarios, innovated the product system and service model, and made continuous efforts to improve customers' financial service experience in all directions. At the same time, BOC has continued to strengthen the protection of the rights and interests of customers, and brought customers with considerate services through measures such as improving management mechanisms, carrying out publicity and education activities and intensifying the construction of information security.
Sustainable Development Goals (SDGs)
Feature: Opening up and sharing, creating ecological services of scenarios
In 2020, BOC steadily carried out the development of ecological services of scenarios, and promoted the implementation of four strategic scenarios including cross-border scenario, education scenario, sports scenario and silver economy scenario, making financial services further penetrate into the real economy.
Development of cross-border scenario
Relying on the "Cross-border" segment of mobile banking and the BOC cross-border applet, BOC has integrated its financial services and non-financial services of third parties to provide a convenient and efficient full-process service experience for customers studying and travelling abroad.
For customer group engaged in cross-border e-commerce |
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For customer group studying abroad
• BOC has integrated financial and non-financial services to provide customers with high-quality products throughout their whole journey of studying abroad, taken the advantages of overseas institutions to design exclusive rights such as "overseas student consultant" and "overseas student internship programme", joined hands with the Ministry of Education to launch a series of activities such as "safe studying abroad with you" to showcase the patriotism and spirituality of overseas students, attracting 7,853 Chinese students and their parents from 65 countries and regions around the world to participate in the activities.
One-stop service for "Visa + insurance + assistance"
Shanghai Branch of BOC Insurance has launched in-depth cooperation with VFS Global (a third-party Visa service platform), Allianz Global Assistance and Nanyan Insurtech, and introduced special products of BOC Insurance for overseas travel on the official website of VFS Global to provide one-stop Visa service, accident insurance protection and emergency assistance service for outbound customers. Under this model, consumers can access a number of scenario-based services, including dozens of types of travel insurance such as accident injuries during travel, overseas medical costs and loss of personal belongings, as well as 365 × 24-hour real-time emergency assistance services.
Note: Product release and signing ceremony between BOC Insurance and VFS Global
Development of education scenario
BOC improved the credit policy for the education sector, further enhanced the flexibility of credit management requirements, and actively supported the development of the education sector. Based on big data analysis technology, BOC continued to increase the development of products for education scenario. For example, its products concerning tuition supervision can help solve the problem of fund security in the education and training industry; "University One Code Pass" can solve the problems of campus consumption and identity authentication; the education zone of mobile banking offers hundreds of free excellent courses. Besides, it provides customers related to education with various products such as national educational loans, charitable donations from alumni and special wealth management for teachers.
Campus scenario | Relying on the profound accumulation of campus financial services, the Bank built a comprehensive service platform for the "BOC Lezhi" intelligent campus to provide all-round digital and intelligent technological services for colleges and universities, primary and secondary schools and kindergartens. As of the end of 2020, the platform had been piloted in Shaanxi, Shandong, Shanghai, etc., with more than 200 cooperative schools. |
Education and training scenario | The Bank built a tuition management service platform to provide a powerful tool for local education authorities to standardise the management of training institutions. As of the end of 2020, more than 1,500 training institutions had been launched. |
Co-building of "intelligent campus" BOC Hainan Branch cooperated with Hainan Normal University in the building of "intelligent campus" under the platform of the "Data Science and Intelligence Education" project of Key Laboratory of the Ministry of Education. The cooperation between the two will focus on the idea of "5G network ecology + big data and intelligent services" concerning the building of intelligent campus, centre on the two core requirements of normal university student training and teacher training, and use big data, 5G and artificial intelligence technology to promote the deep integration of higher education with basic education, education and teaching, and information technology. It is expected that an open, diverse, shared and safe "intelligent campus" will be basically completed around 2022. Note: Signing ceremony of the "intelligent campus" co-built by BOC Hainan Branch and Hainan Normal University |
Development of sports scenario
BOC issued the Guiding Opinion on Credit for Supporting the Development of Sports Industry and actively innovated financial products for sports scenario. At the same time, BOC vigorously supported the issuance of consumption coupons on sports and introduced the sports zone on its mobile banking to provide services such as sports information, professional training courses and venue reservation, to encourage people to carry out health and physical activities. In 2020, the Bank offered a total of RMB53,668,300 worth of 1,108,400 sports consumption coupons. A total of 130,606 customers claimed the coupons, of which 111,564 coupons were written off, driving the issuance of 590,000 new cards.
Devoted to the construction of sports scenario to fuel the development of mass sports
For the purposes of promoting the development of mass sports and enhancing the physical fitness of the general public, Yinchuan Sports Bureau held the "First Citizens Sports Meeting of Yinchuan" in 2020. During the preparatory process, the Yinchuan Sports Bureau fully considered the safety issue and made every effort to carry out the sports meeting on the premise that the safety of the masses is guaranteed.
After BOC Ningxia Branch and BOC Insurance Tianjin Branch learned about the sports meeting, they took the initiative to participate in the discussion and communication on the guarantee services of the sports meeting, and developed the innovative financial solution on bank insurance that fit the scenario, which was highly regarded by the Yinchuan Sports Bureau. The solution provides rights and interests protection services for the applicants of sports events by embedding the rights and interests package products containing the sports accident insurance of BOC Insurance in the sports event scenario of the sports zone of the mobile banking APP of BOC. The rights and interests package not only provides participants with accident insurance on the event, but also introduces the benefits of sports rehabilitation for post-accident treatment and rehabilitation.
Boosting the issuance of sports consumption coupons in Jiangsu Province
BOC Jiangsu Branch actively undertook the issuance of sports consumption coupons in Jiangsu Province in 2020, and distributed RMB30 millions of sports consumption coupons to the public through the "Jiangsu National Fitness Card" with the model of "Sports + Internet + Finance". As of the end of 2020, 515,400 people had received the sports consumption coupons, directly boosting the amount of sports consumption by about RMB163 million. In addition, BOC distributed about RMB7.908 million in sports consumption coupons to medical personnel assisting Hubei and young people in poor areas.
Note: BOC Jiangsu Branch boosts the issuance of sports consumption coupons
Promoting the public in participating in fitness walking
In 2020, BOC Qingdao Branch and the Qingdao Municipal Sports Bureau jointly held an event, known as the fitness walking on the beach in Qingdao. To encourage more people to participate in fitness walking activities and experience a healthy lifestyle, BOC Qingdao Branch set up an online enrolment channel and citizens could enroll the event through the mobile banking APP and the APP "Colorful Life". The event also invited medical teams in Qingdao which assisted Hubei as well as local sports celebrities.
Note: BOC Qingdao Branch actively encourages the public to participate in fitness walking
Development of silver economy scenario
BOC has drawn up several service plans such as the "Inclusive Elderly Care Loan" and "Loan for Combination of Medical Treatment and Endowment" to continuously expand the product system for the silver economy scenario; continued to use big data, blockchain, 5G, Internet of Things, biological recognition and other technologies to bring more intelligent service experience to the gray-haired group; continued to deepen the development of the Time Bank and the Bank of China University for the Elderly, and provided financial support for the public welfare programme and cultural programme related to the service for the aged.
"Gray-hair elderly care" zone on mobile banking
BOC mobile banking has created a zone, known as the "gray-hair elderly care", covering five modules: "Wealth management", "Quality life", "University for the Elderly", "Elderly Care One Account Pass" and "Family Account", which can provide the elderly with large-character and convenient "one-stop" exclusive services such as online investment and finance, home shopping and free popular courses.
Co-building of the new model of intelligent elderly care with the cooperation between banks and hospitals
Yanchi Sub-branch of BOC Ningxia Branch and Ningxia Yonghong Medical Trade Co., Ltd. sought cooperation in elderly care and medical projects to optimise the flow of medical treatment and improve the management system of hospitals and nursing homes through advanced Internet technology and financial technology platform of banks, with the concept of "Internet + intelligent hospital with the combination of medical treatment and endowment" at the core. The project provides multiple means of payment such as UnionPay card, WeChat, Alipay and face recognition, and shares the data between mobile internet medical treatment platforms and self-service medical treatment equipment, achieving the whole-process intelligent services from online to offline.
Note: Yanchi Sub-branch of BOC Ningxia Branch explores new model of the combination of medical treatment and endowment with the cooperation between banks and hospitals
Walking into communities to popularise financial knowledge for the gray-haired customers
BOC Tianjin Huanghedao Sub-branch and surrounding communities carried out theme publicity activities for the elderly in the communities, and embedded publicity of financial service into such activities. The staff members explained to the elderly knowledge on preventing financial fraud and preferential rights and interests of the social security card issued by BOC, and invited them to experience the "gray-hair" zone on BOC mobile banking. The sincere and heartwarming service provided by the staff members was highly praised by the elderly and neighborhood committees.
Note: Staff members from BOC Tianjin Huanghedao Sub-branch explain financial knowledge to the elderly in communities
Culture support for the elderly, endowing the aged life with "new fashion"
In response to the government's policy of encouraging the participation of social forces in lifelong education, BOC has established the online BOC University for the Elderly on mobile banking after filing with the Shanghai Municipal Education Commission. The online BOC University for the Elderly has been successfully launched to offer a free learning platform for elderly customers across the country, realising six major functions such as "getting the admission letter", "learning through video courses", "activity registration", "personal learning records", "getting learning certificates", and "contest participation". There is one special segment ("Shang Shou Le" special segment) and six colleges (finance, art, health, etc.) in the "learning through video courses" with 17 courses available for the elderly nationwide to learn online for free. Among them, the creative handmaking programme "Shang Shou Le" sponsored by the Bank was quite unique, and invited elderly customers to participate in hand-making activities on site. A series of courses such as "Smartphone APP" and "Guard Financial Security" which are designed to narrow the divide with the elderly raised the sense of gain and satisfaction of the elderly. Besides, more seniors can watch a full replay of the programme on the BOC University for the Elderly through mobile banking. BOC will continue to upgrade its learning system and introduce more functions such as the exchange of learning points.
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Note: Mobile banking APP "BOC University for the Elderly"
Note: BOC-sponsored programme "Shang Shou Le"
Integrating the four scenarios to create mobile banking features
BOC mobile banking has launched four zones for cross-border finance, education and growth, gray-hair elderly care, and sports and fitness, providing one-stop financial services for scenarios based on customer needs.
• Cross-border finance: It has integrated 22 cross-border financial and non-financial services, providing tailor-made, full-trip and cross-border service solutions for key customer groups involved in overseas study, global business travel, etc.
• Education and growth: It launches exclusive pages for growth and youth, covers modules such as "Lezhi Headline", "Lezhi School", "Growth Finance" and "Lezhi Gift", provides feature services including Piggy Bank for Baby and Charitable Donations, and introduces educational information, online courses, campus services and other selected content.
• Gray-hair elderly care: It provides services such as the BOC University for the Elderly and large font settings, builds the "99 Gray-hair Festival" brand, and rolls out a series of activities such as exclusive wealth management and shopping discounts for elderly customers.
• Sports and fitness: Focusing on the hot spot of the Winter Olympics, it provides customers with multiple preferential services such as ice and snow ticketing, training courses, winter camps and sports consumption coupons. At the same time, it offers the function of "sports clock-in to promote marketing", carries out skiing physical fitness competition and other activities, and embeds the financial products of BOC such as account opening and payment.
"Cross-border finance" zone of mobile banking
"Education and growth" zone of mobile banking
"Gray-hair elderly care" zone of mobile banking
"Sports and fitness" zone of mobile banking
2.1 High-quality service within reach
BOC has always put customer needs first, intensified the investment in new technologies, improved channel service capacity, and promoted the intelligent transformation of its outlets to provide customers with efficient, convenient, and high-quality digital financial services. As of the end of 2020, the number of mobile banking users reached 210.55 million.
Providing "at-home" financial services
BOC Shenzhen Branch has actively carried out internal and external cooperation and launched the "BOC at Home" WeChat applet, which can provide safe and convenient "at-home" financial services for Shenzhen citizens and realise handling financial business without leaving home. As of the end of 2020, the platform has launched 18 business modules to support the off-site collection of social security cards, trade union cards and other cards, as well as online credit card certificate application, personal loan certificate application, resident information perfection and other functions. The total number of registered users of "BOC at Home" reached 100,000.
Note: "BOC at Home" allows you to enjoy business services without leaving home
Promoting the digital transformation of mobile banking
Through the application of big data, artificial intelligence, biometrics and other technologies, BOC has continuously promoted the digital transformation of mobile banking and brought personalised and intelligent service experience to customers.
• Intelligent recommendation: Customers can check the investment products suitable for them through the "Recommended for You" function on the home page. This function is based on a rich product library and user portraits to achieve intelligent recommendation, which can help customers make investment decisions.
• Personalised home page: Click "Customise My Home Page" at the bottom of the page to bring your frequently used function modules to the home page, so as to realise quick inquiry of frequently used functions and quick transaction.
• Intelligent module recommendation: Based on the browsing operation habits of customers, as well as the holding of assets and products, frequently used functions can be directly recommended and displayed.
• Services designated for the aged: The mobile banking will provide featured services for aged customers like bigger font, audio guide operation and special module for the aged, according to their demands and operation habits.
• "Identify the Foreign Currency" service: Use the "Scan" function to scan foreign currency to identify the currency, face value and other information of commonly used foreign currency.
• Birthday blessing: On the date of the customer's birthday, mobile banking will automatically change to the dedicated birthday blessing theme page.
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Note: "Identify the Foreign Currency" page and birthday blessing theme page on the mobile banking
2.2 Technology boosts inclusive finance
BOC has accelerated the construction of specialised inclusive financial institutions, improved the organisational system of inclusive finance of "specialised departments + professional sub-branches", optimised the supply capacity and service level of inclusive financial products by relying on the fintech advantages, expanded the service coverage of small and micro merchants and small- and micro-sized enterprises, and promoted the solutions to financing difficulties and expensive financing of SMEs. As of the end of 2020, the balance of BOC's inclusive finance loans under "two increases and two controls" was RMB611.662 billion, with an increase of 48.12% compared with the previous year.
In addition, BOC has launched a series of innovative online financing products for small-and micro-sized enterprises through fintech to enhance the quality and efficiency of inclusive financial services. The product uses internet, big data, biometrics and other fintech tools to simplify the loan application process, improve the efficiency of business handling, intensify credit support, and further meet the diversified financing service needs of small- and micro enterprises.
Building an online inclusive platform
In order to promote the development of inclusive finance, BOC has developed and built the online "BOC i Inclusive Finance" platform, and piloted in Zhejiang Branch. The platform has established three decision-making engines for pre-loan, in-loan and post-loan, and contains six modules: intelligent marketing, intelligent approval, intelligent risk control, quality management, online products and mobile assistants, which are applied to the whole life cycle of inclusive financial services. In 2020, the platform went online, whereby the average number of customers of customer managers doubled, and the yearly average growth of corporate inclusive loans exceeded 50%, effectively improving the service efficiency of inclusive finance.
The banking industry and insurance industry cooperate in serving small- and micro-sized enterprises
Since 2019, BOC Insurance Zhejiang Branch has participated in the Huzhou Green Petty Loan Guarantee Insurance Consortium to provide guarantee services for the "Green Loan Pass" in Huzhou. In 2020, as the financing needs and risks of private, small- and micro-sized enterprises increased, BOC Insurance Zhejiang Branch has actively participated in guarantee services. As of the end of 2020, a total of 103 "Green Loan Pass" loan guarantee insurances were underwritten, with a share of more than RMB8.3 million for private and small- and micro-sized enterprises and enterprise owners in Huzhou, promoting more than RMB160 million of "Green Loan Pass" project loans, and helping private and small- and micro-sized enterprises to overcome the difficulties in the COVID-19 pandemic.
Note: BOC Hebei Branch visits small and micro enterprises and lends a hand to solve their operation difficulties
2.3 Promoting intelligent transformation of outlets
BOC has always taken customers as the centre, deepened the building of offline intelligent service system on the basis of the achievements in the construction of intelligent counters, used new technologies to improve channel service capacity, and promoted the intelligent transformation of outlets and adaptation of outlets to the needs of the elderly. As of the end of 2020, BOC placed a total of about 3,500 portable intelligent counters and achieved full coverage of 36 tier-1 branches.
Intelligent new outlets
By strengthening the application of intelligent technology, BOC has continued to promote the transformation from traditional outlets to intelligent outlets, allowing customers to experience the whole process of intelligent services.
Digitisation of outlet business |
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Diversification of business models |
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Streamlining of service process |
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Online and offline synergy |
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Note: Convenient smart counters at BOC Guangdong Branch
BOC's outlet of version 5.0 with a new image and highest altitude opened
In September 2020, Beijing Middle Road Sub-branch of BOC Tibet Branch completed the upgrading of version 5.0 outlet and officially opened it for business. With the brand-new design style, warm decoration, and application of cutting-edge technology, the new version of outlet not only upgraded the business environment, but also realised the major transformation of the service mode, bringing more intelligent and attentive financial service experience to customers.
The marketing service area and open counter at version 5.0 of outlet of Beijing Middle Road Sub-branch of BOC Tibet Branch
The first social security card instant card-making business via intelligent counter implemented in Shandong
On October 26, 2020, the first social security card-making service via intelligent counter was implemented in BOC Zaozhuang Branch in Shandong Province, making BOC the only local banking institution that independently mastered the technology of instant social security card-making. The "I want to open a social security card (national version)" scenario of BOC integrates BOC's features and social security end platform, and the daily business of opening and canceling social security cards, instant card-making and information modification can be completed at the intelligent counter.
Note: The first social security card-making business at intelligent counter of BOC implemented
Elderly care service demonstration site
BOC has attached importance to the social attributes and life service attributes of its outlets, actively promoted the transformation of outlets to adapt to the needs of the elderly and the construction of elderly care service demonstration sites, strengthened face-to-face communication with elder guests from the aspects of hardware facilities, process optimisation, service experience, and humanistic care, so as to provide heartwarming services. As of the end of 2020, 115 elderly care service demonstration sites were built, including 5 benchmark outlets with elderly care characteristics.
Building the first benchmark outlet with elderly care characteristics in southwest China
In October 2020, Haijiaoshi Sub-branch of BOC Sichuan Branch officially opened with a new look. Considering the large group of elderly people in the surrounding communities, the sub-branch has carried out transformation from many aspects in order to meet the needs of the elderly and build into the first BOC benchmark outlet with elderly care characteristics in southwest China.
Physical layout: The arc design concept that is not easy to collide was adopted; adjustments were made to the spatial layout of cash area, intelligent counter area and self-service banking area, thereby shortening the walking route of elderly customers to the greatest extent.
Featured facilities: Eye-catching signs and guiding signs reading "Priority for the Elderly" were placed at the consultation desk, functional area, manual counters and priority seats; electronic call bells were installed in all functional areas, and the hall personnel can receive timely reminders through the bracelet; the permanent business process prompt and crutch storage area with magnified font size were set up beside the counter and self-service equipment, and presbyopic glasses and magnifying glasses of all degrees were provided; and wheelchairs, crutches, first aid supplies, denture cleaning tablets, cash bags and other articles were offered.
Personnel allocation: Internal and external teachers were organised to provide training on such topics as skills of serving the elderly, use of products and information of silver industry for employees; companionship services were strengthened to help elderly customers unfamiliar with intelligent counters and mobile banking efficiently handle financial business through self-service channels.
Community services: Long-term activities were carried out in cooperation with the community, such as establishing volunteer service teams, complimentary insurance and giving intelligent elderly care equipment; holding activities with community cooperation characteristics, such as birthday theme activities for elderly Party members in communities.
Note: The service outlet with elderly care characteristics of
Haijiaoshi Sub-branch of BOC Sichuan Branch
2.4 Sincerely safeguarding customers' rights and interests
BOC attached great importance to the protection of consumers' rights and interests, and set up Corporate Culture and Consumer Protection Committee under the Board of Directors, which is in charge of reviewing the strategies, policies and objectives concerning the Bank's consumer protection, proposing suggestions to the Board of Directors, and monitoring and evaluating the Bank's consumer protection.
In 2020, the Bank continuously improved the strategic objectives, systems, mechanisms and institutional basis for the protection of consumers' rights and interests. Based on the external customer satisfaction survey, summary and analysis of customer complaints and other work, BOC formulated corresponding service improvement measures. The external customer satisfaction reached 93.1%, 1.5 percentage points higher than last year. At the same time, the customer fund safety and information security guarantee system have been continuously improved to ensure that customers' interests are not lost; and the popularisation of financial knowledge education has been actively carried out to promote the awareness of financial risk prevention among consumers.
Listening to customers
BOC has established and constantly improved customer communication channels to ensure that customer complaints and relevant opinions can be obtained and handled in a timely manner. BOC has developed an online closed-loop workflow of "collection-analysis-assessment-evaluation" to continuously promote experience optimisation and improve customer satisfaction. As of the end of 2020, a total of 661 customer opinions were collected through customer service, branches and other channels, among which 423 were adopted after analysis and evaluation, and 96 implemented.
Upgrading 95566 call-in service | Regarding 95566 call-in service, an all-voice portal and navigation have been implemented, and functions of online signing and login with reserved mobile phone number have been added. After the customer enters the line and expresses his needs, he can directly reach the business node. Compared with keypad service, the upgraded mode can save customer interaction time, effectively improving the efficiency of customer business handling. |
Enhancing online customer service capability | The new generation of online customer service has covered major online service channels such as mobile banking, micro-banking, transaction banking (BOCNET), personal online banking and web portal. After upgrading, the average daily number of online customer service visits was about 110,000, and the manual customer service access rate was more than 90%. |
Customer complaint handling
In accordance with the relevant requirements of the PBOC and the CBIRC, BOC has revised the Management Measures of Bank of China Limited for Customer Complaints, clarified the definition of complaints, determined the principles, procedures and limitation requirements for handling complaints, made process provisions for the verification of handling complaints, further regulated the handling of complaints, and the investigation and verification of complaints, so as to effectively protect the legitimate rights and interests of consumers. In 2020, a total of 188,000 customer complaints were handled.
Major complaint business category | Credit card complaints accounted for 34.2%; debit card complaints accounted for 14.0%; and loan complaints accounted for 9.5%. The above three categories of businesses together accounted for 57.7% of all complaints. |
Regional distribution of major complaints | Jiangsu (5.8%), Guangdong (5.0%), Hebei (4.4%), Henan (4.2%) and Beijing (4.1%). The complaints from the above five regions together accounted for 23.5% of all complaints. |
Safeguarding fund safety
BOC attached great importance to safeguarding the safety of customers' funds, continuously strengthened the institutional guarantee, analysed and evaluated the behaviors that might cause loss of customers' funds, standardised various business processes, and built an intelligent anti-fraud platform, making every effort to prevent the risk of damage to customers' funds.
Preventing fraud risk
The "Network Defence In-Event Risk Control System" ("Network Defence" hereinafter) launched by BOC in 2018 has become an enterprise-level anti-fraud in-event control platform with complete functions and comprehensive coverage after continuous improvement and upgrading. Based on the comprehensive application of big data, cloud computing, artificial intelligence and other financial technologies, "Network Defence" can provide all-round, whole-process, real-time and efficient anti-fraud services, effectively identify and handle fraud risk events, and effectively ensure the safety of users' funds and accounts. In 2020, the "Network Defence" system intercepted a total of 520,000 suspicious transactions, amounting to nearly RMB12 billion.
Having an insight into fraud risks and immediately blocking suspicious transactions
On November 2, 2020, a suspicious transaction involving a transfer of RMB72,000 was identified and intercepted by "Network Defence". After real-time telephone verification by the risk control operators, it was found that the transaction was a telecommunications network fraud, and the transaction was refused, avoiding capital losses for customers. It was learned that the customer had just started to work after graduating from university. He once applied for a campus loan on a third-party platform when he was in college, and he recently received a call from a staff member from the platform who claimed that he could help eliminate the loan history information in order not to affect the customer's reputation, provided that the customer transferred the loan from the platform to a designated account. The customer believed it and used BOC mobile banking to transfer money to the fraudster. Immediately, the transaction was hit by the expert rule model of "Network Defence", and was determined to be a suspicious fraud transaction, being successfully intercepted after verification. To express his gratitude, the customer sent a silk banner to BOC.
Enhancing risk awareness
BOC required its employees to strictly abide by the code of conduct for bank practitioners and not touch the red line of discipline. It conducted risk warning training through online and offline centralised learning, testing, special lectures and other forms to improve employees' risk awareness and risk identification ability.
Raising prevention awareness to protect customers' money
Since the outbreak of the pandemic, lawbreakers have committed fraud through online channels from time to time, and BOC employees have fully integrated their awareness of risk prevention into their daily work, helped customers identify frauds and traps, and effectively protected the legitimate rights and interests of customers.
• The teller of Taijiang Sub-branch of BOC Fujian Branch helped customers identify false "love charity" fraud and assisted customers in donating money through the correct channel.
• The staff member of Donghu Sub-branch of BOC Jiangxi Branch tested the authenticity of foreign mask suppliers in English, helped customers recognise the truth of fraudsters pretending to be foreign investors, and thus avoided huge capital losses.
• The staff member of the base branch of the Head Office of BOC Beijing Branch successfully intercepted a case of fraud in the purchase of masks by overseas remittance and helped the customer recover losses of USD2,295.
Note: BOC staff help customers identify fraud
Ensuring information security
BOC conscientiously implemented legal and regulatory requirements, took compliance as the bottom line, continuously improved data security protection mechanisms, enriched technical protection means, explored new information protection modes, and continuously enhanced the data asset security and personal financial information protection level.
Improving the personal information protection system
Multi-layered mechanism Strengthening bank-wide coordination and control | Establishing a multi-layered personal information protection management structure and working mechanism with clear responsibilities, comprehensively ensuring the legitimacy of personal information management, and ensuring management and protection in information processing.
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Proactive response Actively adjusting protection strategies | Meeting the rapid circulation demand of financial information of new technologies and businesses, actively adjusting information security protection strategies, and establishing a data security and personal financial information protection management system with the goal of whole lifecycle security management of data and continuous improvement.
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Policy improvement Strictly abiding by the bottom line of regulatory compliance | To implement the requirements in the Personal Information Security Specification (GB/T 35273-2020), the Personal Financial Information Protection Technical Specification (JR/T 0171-2020) and the Method for Determining the Illegal Collection and Use of Personal Information by APPs (G.X.B.M.Z. No. 191 [2019]), BOC has formulated a number of bank-wide polices, refined the grading and classification standards for personal financial information, clarified the division of responsibilities and management requirements, and internalised and solidified various requirements for the protection of personal financial information in the process of system building and business operation.
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Strengthening personal information protection measures
Ensuring the safety of the whole data lifecycle |
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Strengthening customer privacy protection |
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Conducting data security assessment |
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Strictly implementing overseas regulatory policies |
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3
Driving Value Creation by Deepening Transformation and Innovation
In 2020, the abrupt COVID-19 pandemic swept the entire world rapidly, posing many challenges for the operation and development of the banking industry. As a large state-owned commercial bank, Bank of China adhered to the guiding principle of "Invigorate, Adapt to Change and Drive for Major Breakthroughs" and the spirit of self-innovation, to unswervingly press ahead with the transformation and vigorously make positive changes in quality, efficiency and driving forces. While sticking to the leadership of Party building and strengthening strategic implementation, the Bank continued to deliver excellence in corporate governance. In the process of "Build a First-Class Global Banking Group", it strove to provide shareholders with long-term sustainable returns and create long-term value for stakeholders.
Sustainable Development Goals (SDGs)
Feature: Seeking innovation and change to push forward with the all-around reform at a faster pace
Centred on strategic development goals, BOC continued to make strides in reform and innovation, and optimise its operation and management mechanisms. While making sure pandemic containment and business development could go in parallel, BOC built an enterprise-level architecture, developed a strategic scenario-based ecosystem, and undertook key reform missions which included smart operation, outlet transformation, credit system, and data governance. Intensified efforts went to key regions, key business, and advantageous fields, so that the Bank could achieve more agile and efficient development.
In 2020, BOC kept deepening and improving the overall framework for reform. It implemented 24 major reform projects, and completed more than 100 reform tasks throughout the year.
Bolstering weak links faster |
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Gathering momentum for further development efficiently |
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Unleashing sustained vitality for development |
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Bank of China Ltd. published this content on 30 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 March 2021 09:06:04 UTC.
