OREANDA-NEWS. April 25, 2011. Recently, Agricultural Bank of China Limited (ABC) held a conference on product innovation for 2011 in Beijing. The conference reviewed the achievements in ABC’s product innovation for the past two years, made clear the new situation and problems in this regard, and clarified development direction and priorities in the next stage. Mr. Yang Kun, Vice President of ABC, attended the conference and delivered a speech, reported the press-centre of ABC.

Mr. Yang kun first affirmed ABC's achievements in product innovation for the past two years. ABC's product innovation has shifted its pattern from decentralization to centralization, its institutional mechanism has been gradually improved, and the products are becoming more and more competitive. All those have created a favorable atmosphere for such innovation, thus have laid a solid foundation for ABC to build itself an outstanding large listed bank. He also pointed out that, as the market competition has become increasingly severe, product innovation is confronted with unprecedented pressure and challenges. The general thoughts for product innovation in the coming period are, to speed up the launch of new products by combining research and development, improving the institutional mechanism and making clear the responsibilities of each party, with product innovation as an important basis for building an outstanding large listed bank; to introduce quality products by setting a clear innovation direction, accelerating the program implementation and promoting the R&D quality; to make good use of the products by intensifying internal and external publicity as well as marketing support; and to enhance ABC’s product competitiveness by further building a team of product managers and creating an atmosphere for innovation with everyone involved.

Besides, Mr. Yang Kun gave the guidance for implementing product innovation to the head office and branches respectively, which is, on the one hand, the head office should consolidate its innovation and improve its innovative capacity; on the other hand, the branches should orientate themselves towards suitable innovation directions and stimulate innovation. Mr. Yang Kun stressed that product innovation was a systematic program involving multiple departments and featuring multi-processes and process operation, so all the departments shall cooperate closely, and, pursuant to the product R&D plan, fulfill their own responsibilities, carry out detailed work in a quality and effective way, streamline the institutional mechanism and establish an efficient product innovation platform.

ABC is going to promote its basic management this year. Therefore, Mr. Yang Kun required branches at all levels to combine product innovation with consolidated management basis. They shall improve incentive and evaluation mechanism, strengthen technological support, step up efforts in talent training, intensify product innovation information sharing, and spare no efforts in building innovative culture. On such basis, they shall orientate themselves towards a suitable direction after rational thought and then cooperate to bring about a new situation for ABC’s product innovation.