on january 16, the annual work conference of china national buestar (group) co., ltd. was held in beijing to review the work done in the past year and assign tasks for the upcoming year. buestar ceo michael koenig delivered a work report entitled "accelerate the structural adjustment and strive to enhance the development quality and benefits of the company while dealing with market challenges". bluestar chairman and party secretary wang dazhuang chaired the meeting which was attended and addressed by chemchina chairman and party secretary ren jianxin.
in 2016, despite severe market challenges, under the leadership of chemchina, bluestar continued to seek steady progress and produced positive effects in various aspects by following the corporate development plan for the 13th five-year plan period, establishing effective incentive and restraint mechanisms and advanced business modes, deepening the structural adjustment, generating more while spending less, improving the management, and growing the principal business, bettering the governance of subsidiaries in need, properly handling "zombie companies" and continuing to strengthen party construction.
as to the work for the following year, the conferees agreed to earnestly implement the decisions reached at the chemchina work conference, center on quality and benefit improvement, rely on the structural adjustment as the main thread, international operation as the framework and capital and real operation as the driving force, focus on the formation of effective incentive and restraint mechanisms and advanced business modes, ensure safe and green production, continue to boost corporate profits, help subsidiaries in need reduce or stop loss, and continue to transform the mode, adjust the structure, improve the quality and increase the benefits of corporate development. the meeting also specified priorities in nine aspects in 2017: to continue to seek further market benefits and ensure steady growth; to continue to put safety above everything else and ensure safe, green, up-to-standard production; to continue to enhance the efficiency with less costs and improve the operation quality of the company; to continue with the structural adjustment and streamline the company; to generate more benefits from management and consolidate the basis for reform and development; to continue to rely on science and technology as the growth momentum and push ahead the company's innovation-driven development; to continue to modernize the company with information technologies; to continue to prioritize human resources development and improve incentive and restraint mechanisms; to continue to deepen party construction and actively build a harmonious company.
home office functions reviewed the work done, in particular that by subsidiaries in 2016, and briefed on the work plan for priority tasks in 2017. in group discussions, conferees shared their views about and put forth suggestions on the annual work report of chemchina and bluestar, and how to implement the corporate development plan for the 13th five-year plan period, the structural adjustment and how to fulfill the annual targets. the video footage about how bluestar embodies the five major development concepts of "innovation, coordination, green development, opening up and sharing" through its practices was aired at the conference site, introducing role models and success stories in this regard. deeply inspired, the audience promised to bring these stories back to their company to motivate their staffers.
chemchina chairman ren jianxin fully recognized what bluestar had achieved in 2016 and asked it to focus on solving prominent conflicts, hold the bottom line and fulfill the goals for the upcoming year. specifically, to solve prominent conflicts we must make up our weakness, and executives shall take the responsibility for benchmarking each business line, spot the gap, lay down the strategy, and allocate staffers to make sure the annual goals are met; we shall optimize our asset and capital structure, advance the reform of the mixed ownership system, leverage the advantages of internal platform resources, introduce strategic investment, and recycle low-efficient, invalid assets; better manage the market value, improve the equity ratio, and improve the quality and increase the returns of assets. to hold the bottom line we must practice green development for safe and green production, build a harmonious company for social stability and unify all staffers in one mind to further grow our company.
the conference attracted 127 delegates, including bluestar board directors, executives, subsidiary heads, senior officials from home office organs and staffer representatives. subsidiary delegates promised to earnestly follow the decisions reached at the meeting, benchmark own reality and weakness against the annual goals and tasks laid down by bluestar, translate the decisions into effective measures and continue to improve the quality and increase the benefits of corporate development.