Xinhua News Agency, Beijing, October 26 (Reporter Han Jie, Liu Yangyang) On October 26, Tuozhen, spokesman of the 19th National Congress of the Communist Party of China, held a special press conference at the press center of the conference, inviting Xiao Pei, deputy secretary of the Central Commission for Discipline Inspection, Wang Xiaohui, executive deputy director of the Central Policy Research Office and vice minister of Publicity Department of the Communist Party of China, Lengrong, director of the Central Literature Research Office, Yuan Shuhong, party secretary and deputy director of the Legislative Affairs Office of the State Council, Yang Weimin, deputy director of the Office of the Central Financial and Economic Leading Group, and Ji of the State-owned Assets Supervision

　　十九大报告指出：“十八大以来的五年，是党和国家发展进程中极不平凡的五年。”袁曙宏说，“极不平凡”四个字，说出了全党8900多万党员、全国13亿多人民深刻的感悟、无限的感慨和无比的自豪。从国内来看，这五年是以习近平同志为核心的党中央举旗定向、力挽狂澜，淬火成钢、攻坚克难，砥砺奋进、成就辉煌的五年。在短短五年的时间里，我们党、国家和军队凤凰涅槃、浴火重生，比任何时候都更加强大、更有力量；从世界范围来看，这五年世界经济复苏乏力、局部冲突和动荡频发、全球性问题加剧，而中国则经济发展、政治稳定、社会安定、人民幸福、百业兴盛。正如报告所强调：“五年来的成就是全方位的、开创性的，五年来的变革是深层次的、根本性的。”五年来我们党之所以能推进历史性重大变革、取得历史性重大成就，最根本的就在于我们有以习近平同志为核心的党中央的坚强领导，有习近平新时代中国特色社会主义思想的科学指引，有习近平总书记作为我们党的核心、人民的领袖、军队的统帅。我们坚信，在以习近平同志为核心的党中央英明领导下，中华民族伟大复兴的中国梦一定能够实现。

　　The report of the 19th National Congress pointed out: "After long-term efforts, Socialism with Chinese characteristics has entered a new era, which is a new historical orientation for China’s development." Leng Rong said that this major political assertion is a highlight of the report and runs through the whole report. The new era started from the 18th National Congress of the Communist Party of China. The 19th National Congress of the Communist Party of China established the guiding ideology of the new era, put forward the historical mission of the Party in the new era, described the grand blueprint of the new era, made strategic arrangements for the new era, and made clear the new requirements for Party building in the new era. Socialism with Chinese characteristics has entered a new era, and the main social contradictions in our country have also changed, "which has been transformed into the contradiction between the people’s growing needs for a better life and the unbalanced development". This major assertion has sufficient basis. From "material and cultural needs" to "needs for a better life", from solving the problem of "backward social production" to solving the problem of "unbalanced and insufficient development", it reflects the great progress of China’s social development, the phased requirements of development, and the key requirements of the development of the party and the state. Economic construction is still the central task, but in the new era, we should pay more attention to all-round development. The change of the principal contradiction in our society has not changed our judgment on the basic national condition that China is still in the primary stage of socialism.

　　十九大报告和十九大通过的党章修正案，把习近平新时代中国特色社会主义思想确立为党的行动指南。王晓晖认为，这是十九大的突出亮点和重大历史贡献。中国特色社会主义进入新时代，是我国发展新的历史方位，也是习近平新时代中国特色社会主义思想产生的时代背景。习近平新时代中国特色社会主义思想，创造性地回答了实践和时代提出的重要课题。坚持和发展中国特色社会主义，是改革开放以来我们党全部理论和实践探索的主题，也是习近平新时代中国特色社会主义思想的主题。十九大报告提出的“八个明确”和“十四个坚持”，构成了习近平新时代中国特色社会主义思想的主要内容。习近平新时代中国特色社会主义思想，是党和人民实践经验和集体智慧的结晶，但它的主要创立者是习近平同志。用他的名字命名这一科学理论名副其实、当之无愧，这也体现了我们党理论上的成熟和自信。习近平新时代中国特色社会主义思想，开辟了马克思主义新境界，开辟了中国特色社会主义新境界，开辟了治国理政新境界，开辟了管党治党新境界。

　　The 19th National Congress to the 20th National Congress is the historical intersection of the goal of "two hundred years". Yang Weimin said that the 19th National Congress made clear the key points for building a moderately prosperous society in an all-round way. In the next three years, we will build a well-off society in an all-round way, especially the "three major battles" to prevent and resolve major risks, accurately get rid of poverty and prevent pollution. This is the bottom line for building a well-off society in an all-round way. The 19th National Congress of the Communist Party of China also clarified the comprehensive construction of a socialist modern country and its "two-step" strategic arrangement. After 2020, the practical theme of Socialism with Chinese characteristics in the new era will shift to building a socialist modern country in an all-round way, and the first of the "four comprehensiveness" will become building a socialist modern country in an all-round way, maintaining the continuity of the strategic layout of the "four comprehensiveness". At the same time, the strategic arrangement of "two steps" for building a socialist modernized country in an all-round way was made clear, and the timetable and road map of China’s socialist modernization were completely outlined, which advanced the goal of basically realizing socialist modernization by 15 years and made the expression of the second century goal more complete. The goal of doubling GDP is no longer mentioned in order to better implement the new development concept and promote the all-round development of the cause of the party and the state.

　　谈到新时代党的建设，江金权说，十九大报告一个重大贡献，就是根据新时代新要求，深化对党的建设规律性认识，提出了新时代党的建设总要求：原则是坚持和加强党的全面领导；方针是坚持党要管党、全面从严治党；主线是加强党的长期执政能力建设、先进性和纯洁性建设；布局是以党的政治建设为统领，全面推进党的政治建设、思想建设、组织建设、作风建设、纪律建设，把制度建设贯穿其中，深入推进反腐败斗争；要求是提高党建工作质量；目标是把党建设成为始终走在时代前列、人民衷心拥护、勇于自我革命、经得起各种风浪考验、朝气蓬勃的马克思主义执政党。这为新时代党的建设提供了一个立体“坐标系”和精准“定位仪”。报告第一次把党的政治建设纳入党的建设总体布局，强调以党的政治建设为统领。这是马克思主义党建理论的重大创新。报告还着眼于推动全面从严治党向纵深发展，确定了把党的政治建设摆在首位、用习近平新时代中国特色社会主义思想武装全党、建设高素质专业化干部队伍、加强基层组织建设、持之以恒正风肃纪、夺取反腐败斗争压倒性胜利、健全党和国家监督体系、全面增强执政本领等八项重点工作。

　　关于全面从严治党，肖培说，十九大报告3.2万字，这部分内容就占了4100字，是报告的八分之一多，可见分量之重。这部分1个序言、8项任务，条条都是我们党对人民的庄严承诺，句句都是全面从严治党的坚定宣示。推动全面从严治党向纵深发展，一是紧紧围绕维护以习近平同志为核心的党中央权威和集中统一领导，加强党的政治建设；二是把中央八项规定精神化作自觉行动，驰而不息抓好作风建设；三是全面加强纪律建设，持之以恒正风肃纪；四是以坚如磐石的决心，夺取反腐败斗争压倒性胜利；五是完善党和国家监督体系，不断增强自我净化能力。全面从严治党的根本目的，就是探索出一条党长期执政条件下实现自我净化的有效途径。此外，要落实十九大决策部署，将国家监察体制改革试点在全国推开，实现巡视监督、派驻监督、国家监察三个全覆盖，进一步完善党和国家监督体系，推进治理体系和治理能力现代化。

　　有关方面负责人还回答了中外记者的提问。350多名中外记者参加了新闻发布会。

Photographers are creating around the long street banquet.

　　At noon, the rain stopped, and after the traditional sacrifice and blessing activities, the New Year’s dinner was officially opened in the sound of firecrackers for 20 minutes. 260 tables filled with dishes and thousands of tourists crowded the 1,132-meter-long old street. More than 10 ancient town specialties such as sesame balls, three-in-one mixed incense and smoked tofu have opened thousands of tourists’ eyes. Laughter, cheers, shouts of punching and drinking … turned the ancient town upside down.

　　In yesterday’s old street, visitors with bowls and chopsticks could be seen everywhere. They shuttled between the tables, with a piece of pig’s head meat on this table and a piece of fish on that table. Yan Han, a photographer who rushed from the main city, simply put a pair of chopsticks in his camera bag, and when he met his favorite dish, he took out his chopsticks and took a bite. The residents of the old street are extremely hospitable. Whenever anyone passes by, they will warmly greet them: "Come, look at what you eat." They also invite guests to sit down, drink wine and chat at home. Diao Shukun, a 77-year-old resident of the ancient town, specially asked someone to write a couplet and stick it on the door, with the first couplet saying that "tea is not cold when people walk" and the second couplet saying that "the host and guest are always hot" and the second couplet saying "fragrant tea is good for water".

CCTV News:Preventing and resolving financial risks is the top priority of China’s financial supervision in recent years. Some city commercial banks, which are based in cities and mainly provide loan support for small and medium-sized enterprises, once experienced a situation of high non-performing loan ratio and unsustainable operation due to insufficient financial strength and low market risk tolerance. Local governments and financial supervision departments took a series of innovative measures in time, which successfully resolved the risks.

Liangshan Yi Autonomous Prefecture, located in the southwest of Sichuan Province, is rich in local mineral resources and has nearly 1,000 large and small mining enterprises. In 2014, in the last round of market volatility, the price of iron ore once dropped by 50%, and local mining enterprises were in trouble, and this risk was also transmitted to the financial system.

Lu Ningyuan, head of Liangshan Branch of Sichuan Bank and former vice president of Liangshan Commercial Bank:The vast majority of mining-related enterprises are in trouble, the interest on bank loans cannot be paid, the loans due cannot be repaid, and a large number of non-performing loans (loans) have also appeared in the loans of mining-related enterprises of the former Liangshan Commercial Bank.

Established in 2007, Liangshan Commercial Bank covers 17 local counties and cities. Among its total loans, loans from mining-related enterprises account for a relatively high proportion. This kind of loan structure is in western Sichuan, not only Liangshan Commercial Bank. Almost at the same time, Panzhihua Commercial Bank also experienced a crisis. As a shareholder of Panzhihua Commercial Bank, Luo Yangyong keenly felt that there were problems in bank operation.

Luo Yangyong, Chairman of Anning Iron and Titanium Co., Ltd.:When dividends were gone, bad debts and bad debts gradually increased. Other indicators have also deteriorated seriously, and we feel that the investment will fail, and it is estimated that we will lose all our money. All the shareholders are worried, but they are helpless and don’t know how to do it.

It never rains but pours. The guarantee company, which should have provided guarantee for the mine-related enterprises in the loan process, has not played its due role.

Today, many parties admit that in this process, banks themselves also had problems such as inadequate risk management and control. When the risks were exposed, even though Liangshan Commercial Bank and Panzhihua Commercial Bank, two city commercial banks, took various measures to deal with non-performing assets to resolve the risks, the non-performing assets continued to climb. By 2019, the total balance of non-performing assets of the two banks will be nearly 30 billion yuan. Among them, the non-performing loan ratio of Panzhihua Commercial Bank was as high as 53.4%, while the average non-performing loan ratio of 134 city commercial banks nationwide was only 2.3% in the same period.

Nearly 30 billion yuan of non-performing assets and more than 50% of non-performing loan ratio, once not properly disposed of, the consequences are unimaginable. Faced with such a huge challenge, the Sichuan provincial government and financial supervision departments decisively intervened, merged two high-risk municipal city commercial banks and established a new provincial bank.

As the chairman of Sichuan Bank, Lin Gang participated in the risk resolution of Liangshan Prefecture Commercial Bank and Panzhihua Commercial Bank and the establishment of Sichuan Bank. He told reporters that the working group faced many difficulties as soon as it was established in 2019.

Chairman of Sichuan Bank Lin Gang, former director of Sichuan Bank’s preliminary work promotion group office:The first is the problem of how to resolve and digest the bad assets of these institutions on such a large scale.

After a thorough investigation of non-performing assets, in February, 2020, the Working Group launched a 60-day battle to clear and close non-performing assets in Panzhihua, Chengdu and Liangshan.

Zheng Ye, President of Sichuan Bank and former Deputy Director of the Office of the Pre-work Promotion Group of Sichuan Bank:It is very, very difficult to collect interest from one household, collect the bad loans they owe, and increase the collateral of loans from one household to another.

While collecting and transforming some non-performing assets, the working group adopted the strategy of digesting part of the old shareholders’ equity at a discount, keeping part of the books, packaging and stripping part, and the new shareholders taking part. With the decrease of non-performing assets, a more intractable problem has surfaced.

Zheng Ye, President of Sichuan Bank and former Deputy Director of the Office of the Pre-work Promotion Group of Sichuan Bank:In the bank, the shareholder himself has a record of breaking the law and needs to be cleaned up. If the shareholders have non-performing loans in the bank, you can either pay off the principal and interest of your non-performing loans or pay off your shares to repay the non-performing loans. There is another problem: the shareholder’s loan exceeds the requirement of regulatory concentration, and he should also bear the responsibility and correct it.

With the vigorous promotion of local government departments, the two banks cleaned up and rectified 258 old shareholders. In order to prevent the same problem from appearing again, the supervision of the new shareholder team must also keep up. The working group hired external professional institutions to formulate strict plans for the bank’s internal processes and governance structure.

Wu Weijun, Vice Chairman of Deloitte China:As a shareholder of a bank, I have a responsibility, not to say that this bank is mine, so I can trade at will. Any shareholder’s transaction with the commercial bank he has invested in is a related party transaction from the perspective of our accounting, and it should be disclosed. In this risk prevention, we signed an agreement with shareholders to follow the regulatory requirements.

The newly established Sichuan Bank has a registered capital of 30 billion yuan, and the share price is 1.3 yuan/share, of which 1 yuan/share is the share capital and 0.3 yuan/share is the premium fund, and the premium part is specially used for the disposal of non-performing assets. At that time, the valuation P/B ratio of listed banks in China was around 0.8, and the P/B ratio of Sichuan Bank was 1.3. It was a great challenge for the working group to raise enough funds.

Chairman of Sichuan Bank Lin Gang, former director of Sichuan Bank’s preliminary work promotion group office:At that time, to be honest, we were all worried about the uneven fundraising. In the end, the capital raised was about 34.8 billion yuan, and 4.8 billion yuan was returned. Some shareholders did not come in. Sichuan Financial Holdings, as the main sponsor, holds a lot of 20%, a few percent and a few percent. Therefore, from the perspective of the market dispersion of shareholders, it should be said that it is more reasonable.

On November 7, 2020, Sichuan Bank opened its doors for business. After two years of risk mitigation, it achieved initial results.

Chairman of Sichuan Bank Lin Gang, former director of Sichuan Bank’s preliminary work promotion group office:From the quality of its assets, the non-performing (loan ratio) has dropped from the original high to about 2.08% at the end of April, and our goal is to drop below 2%, so I think this is a very, very good thing.

The establishment and steady operation of Sichuan Bank has explored a new path for the regulatory authorities and local governments to resolve the operational risks of city commercial banks, and Shanxi and other places are also resolving the risks of city commercial banks through similar models.

On April 28th this year, Shanxi Bank officially opened to the public. Shanxi Bank was formed by the merger of five original city commercial banks: Datong Bank, Changzhi Bank, Jincheng Bank, Jinzhong Bank and Yangquan City Commercial Bank.

Ceng Gang, Deputy Director of National Finance and Development Laboratory:It is not a simple merger. During the merger process, it has a lot of institutional mechanism optimization to enhance its long-term development ability. In fact, it is not only capital injection, but also wisdom injection, so as to improve the management ability and management concept.

According to industry insiders, there are currently three main modes for risk resolution of city commercial banks — — Bankruptcy, short-term rescue and merger and reorganization have indeed played a role in stabilizing local economic development and maintaining the stable operation of the financial system.

Xing Guijun, Director of China Banking and Insurance Regulatory Commission City Banking Department:After more than three years of efforts, the risk preference of city commercial banks has been gradually revised, the extensive business model has been gradually reversed, the business behavior has become increasingly standardized, the risk level has continued to converge, and it has gradually changed to high-quality development.

In addition to resolving risks of city commercial banks, rural commercial banks and high-risk trust institutions, China Banking and Insurance Regulatory Commission has made positive progress in dismantling high-risk shadow banks and strengthening credit risk prevention and control. From 2017 to 2020, the cumulative disposal of non-performing loans was 8.8 trillion yuan, exceeding the sum of the previous 12 years, and the scale of shadow banking dropped by about 20 trillion yuan compared with the historical peak.

Liang Tao, Vice Chairman of China Banking and Insurance Regulatory Commission:A number of city commercial banks and rural commercial banks have made positive progress in risk resolution. At the end of the first quarter (2021), the balance of non-performing loans in the banking industry was 3.6 trillion yuan, and the non-performing loan ratio was 1.89%, down 0.02 percentage points from the beginning of the year.