ChemChina held a review of its business operation and performance for the first half of 2009 and made plans for the second half of the year. Following reports by the prime subsidiaries of ChemChina, President Ren led the overall review of the current business situation and stressed the importance of enhanced corporate management.
Starting from the 4th quarter last year, ChemChina has begun to implement a series of rigorous measures to battle the economic crisis. With the concerted efforts of the whole ChemChina team, the company group has witnessed positive signs of improving business. By the end of June this year, a brake had been put on the downward trend and the company had achieved total profits of RMB420 million.
However, "we shall not be blinded and become complacent because of the good results we have made. We still have to stay highly vigilant in the face of a financial crisis of such magnitude," the President stated. The global chemical industry is undergoing major adjustments; the impacts of the financial crisis are fanning out, domestic demand is still weak and prices are in flux. Meanwhile, a number of ChemChina's second tier subsidiaries are still losing money. All of these factors compel us to fully prepare for a long-lasting battle against a weak economy. President Ren also emphasized the two major tasks of strict control of investment to avoid duplicated construction and enhanced management and efficiency, to be accomplished primarily by stepping up IT development.