China Petroleum & Chemical : Sinopec 2018 annual work conference held in Beijing

Sinopec Group holds annual work conference in Beijing on January 29. (Photo/Zhang Zheng, Hu Qingming, Cheng yang)

Sinopec President Dai Houliang delivers a report at the meeting. (Photo/Zhang Zheng, Hu Qingming, Cheng yang)

Ning Bin, Xu Xu

Sinopec Group held annual work conference in Beijing on January 29 to summarize last year's work and set the company's major tasks in 2018. The conference highlighted the 'study and implement of the spirit of the 19th CPC National Congress' and 'guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era', urging employees to promote well-rounded sustainable development of Sinopec and strive to write Sinopec's new chapter with deep insight into situation and trend, overall plan and solid work.

Dai Houliang, President of Sinopec Group, made a report entitled 'Take the spirit of the 19th CPC National Congress as the guide of our work and strive to write Sinopec's new chapter with deep insight into situation and trend, overall plan and solid work'. Xiong Weiping, Chairman of the Board of Supervisors for Key Large-Sized State-Owned Enterprises, addressed the meeting. The meeting was presided over by Li Yunpeng. Jiang Liangping, Jiao Fangzheng, Ma Yongsheng, Zhao Dong, Ling Yiqun, Liu Zhongyun, Li Yong and Fu Chengyu attended the meeting. Outside Directors Ding Zhongzhi, Wang Lili, Liu Xihan and Shi Huan were invited to attend the meeting.

In the past year, Sinopec has upheld the underlying principle of pursuing progress while ensuring stability, and accomplished the year's main tasks and targets. Progress has been achieved and stability ensured in operational performance. Market development has been carried out solidly and effectively. Remarkable achievements have been made in tapping potentiality and increasing efficiency. Further progress was made in structural adjustment, scientific and technical innovation, reform and management, CSR and party-building work.

President Dai stressed major tasks for 2018. He urged all units to make every effort to enhance the level of production and operation, to focus on risks prevention, governance over unprofitable 'zombie' subsidiaries and transfer of social functions, to deepen reform, to pursue innovation-driven development, and to strengthen management.

In his speech, Dai highlighted 'Four Adherences' as principles of vitalizing the enterprise at the present and future stage, namely, adherence to all-round sustainable development，deepening reform in all areas, fully advancing law-based and rules-based governance over the enterprise and strict governance over the Party, and talents construction. Dai required the units to implement the work policy of reform, management, innovation and development, and to push ahead with reform on quality, efficiency and growth engines. More efforts should be made to promote the transition from unbalanced, inadequate and unsustainable development to well-rounded sustainable development, to foster high-quality development instead of only pursuing high growth rates, and to support State capital in 'becoming stronger, doing better, and growing bigger', thereby pushing forward the process towards a world-class firm.