China Taiping ushered in a new senior executive of the "post-70s" generation, from Sinosure, who was the deputy mayor of finance

China Taiping ushered in a new senior executive of the "post-70s" generation, from Sinosure, who was the deputy mayor of finance

China Taiping ushered in a new senior executive of the "post-70s" generation, from Sinosure, who was the deputy mayor of finance

Text: Yu Yan

Edited by Wu Ge

Produced by Yuguan Finance

Since 2024, China Taiping Insurance Group Co., Ltd. (hereinafter referred to as "China Taiping", 0966. HK) has some new changes. 

On January 29, China Taiping held the 2024 work conference, and a new face appeared on the rostrum: Yang Minggang, a member of the China Taiping Party Committee.

At the beginning of January (January 4), Yang Minggang, in his capacity as the general manager of the business management department of China Export & Credit Insurance Corporation (hereinafter referred to as "SINOSURE"), appeared at a press conference held by the State Administration of Financial Supervision and Administration to introduce SINOSURE's eight "escort actions" to promote the high-quality development of the Belt and Road Initiative.

Twenty-two days later (January 26), Yang Minggang bid farewell to Sinosure and joined China Taiping.

Upon completion of the relevant procedures, Yang Minggang will assume the position of Deputy General Manager of China Taiping.

Xiao Xing, the former deputy general manager of China Taiping, has finally filled the vacant position of deputy general manager of China Taiping after his fall in July 2023.

As China's leading financial state-owned enterprises, China Taiping and Sinosure have a tradition of high-level exchanges.

Song Shuguang, the current chairman of Sinosure, spent 14 years in China Taiping, and was the president of China Taiping before being transferred to the position of chairman of the board of supervisors of Bank of Communications in 2014. He is currently Chinese Minmin Insurance Group Co., Ltd. (hereinafter referred to as "Chinese Insurance", 601319. SH, 1339.HK) chairman Wang Tingke was transferred from vice president of China Taiping and chairman of Taiping Pension Insurance to president of Sinosure in June 2018. In November 2019, Zhou Liqun, then Chairman of the Board of Supervisors of SINOSURE, was transferred to the position of Chairman of the Board of Supervisors of China Taiping. In addition, Li Kedong, the current executive director and vice president of China Taiping, has also worked for SINOSURE for several years.

Yang Minggang's transfer to the leadership team of China Taiping means that he has entered the sequence of central management cadres.

Regarding Yang Minggang's promotion, industry insiders who have worked with him said that this is what everyone expects.

China Taiping ushered in a new senior executive of the "post-70s" generation, from Sinosure, who was the deputy mayor of finance

Yang Minggang has spent 17 years here since joining SINOSURE in May 2007. Prior to that, he worked in the Civil and Administrative Procuratorate of the Supreme People's Procuratorate ("SPP") for 11 years.

Yang Minggang graduated with a doctorate in law and began his career in the Civil and Administrative Procuratorate of the Supreme People's Procuratorate in July 1996. After the Administrative Procedure Law and the Civil Procedure Law came into force in 1990 and 1991 respectively, civil and administrative procuratorial work was gradually carried out throughout the country.

China Taiping ushered in a new senior executive of the "post-70s" generation, from Sinosure, who was the deputy mayor of finance

In 2007, the "Civil Procedure Law" was amended for the first time, and this year Yang Minggang left the Supreme People's Procuratorate, changed channels, and crossed over to join Sinosure, where he has spent 17 years. 

At that time, it was a year for SINOSURE to further strengthen the company's legal compliance construction. After Yang Minggang was transferred to SINOSURE, he served as the deputy general manager of the legal compliance department, presiding over the work of the department, and was appointed as the legal responsible person of SINOSURE in November of the following year.

In addition to working in the legal and compliance department, Yang Minggang has also served as the director of the office of SINOSURE/Party Committee, the general manager of the project insurance underwriting department, the general manager of the medium and long-term insurance underwriting department/overseas investment insurance underwriting department, and the general manager of the business management department.

During his tenure at SINOSURE, Yang Minggang served as the deputy mayor of finance and worked at the grassroots level for nearly two years.

In October 2013, the Organization Department of the CPC Central Committee organized the 14th batch of "Doctoral Service Groups" to go to the western region, the old revolutionary base areas and the border ethnic areas. The scale of this batch of members is the largest in the history, the overall quality is good, the prime of life is strong, most of them are both business expertise and certain management experience, and are urgently needed for the local economic and social development.

As one of the members, Yang Minggang served as a member of the Standing Committee of the Municipal Party Committee and deputy mayor of Fangchenggang City, Guangxi, in charge of finance, logistics and other work.

This year coincided with the approval of the Guangxi Border Financial Comprehensive Reform Pilot Zone. Yang Minggang once said in an interview with "China Organization and Personnel News" that he has been thinking about it since his arrival, "How to give full play to his professional expertise and serve local economic development in just one year, we must combine reality, find out the needs, grasp the key points, and break through each one." ”

According to the "China Organization and Personnel Daily," Yang Minggang discovered during his investigation of Fangchenggang City's financial industry that Guangxi's "stall banks" (i.e., stalls that set up tables on the street to exchange renminbi and Vietnamese dong currencies) have formed a huge trading market and have controlled the exchange rate pricing power of the renminbi against the Vietnamese dong, which has become a "hard bone" that cannot be bypassed in the financial reform along the border.

In order to steadily promote cross-border RMB financial innovation, Yang Minggang, with the cooperation of the Dongxing Pilot Zone in Guangxi, the local People's Bank of China and commercial financial institutions, conducted a long-term investigation and analysis of the historical causes and realities of the "stall bank", put forward the idea of introducing exchange subjects, cultivating a trading market, and forming a unified exchange rate, and led a team to report to the State Administration of Foreign Exchange, and finally obtained the approval of the pilot project of RMB and Vietnamese dong exchange franchise business.

On April 1, 2014, the ASEAN Monetary Service Platform of China (Guangxi Dongxing Pilot Zone) was officially put into operation, forming a replicable "Dongxing model" of "group pricing" and "rotation pricing" of RMB to VND. 

According to reports, the establishment of the "Dongxing Model" and the ASEAN Monetary Service Platform and the ASEAN Monetary Business Center has become an important innovation in Guangxi's border financial reform, and has also become an important act during Yang Minggang's tenure in Fangchenggang.

Guangxi also has a deep intersection with China's Taiping. In May 2019, China Taiping and Guangxi signed a new round of comprehensive strategic cooperation agreement, and in September of the same year, China Taiping ASEAN Insurance Service Center was officially inaugurated. Efforts to build a "Taiping Bond" for ASEAN have become an important mission of China Taiping with the heart of "the great man of the country".

After ten years in Guangxi, Yang Minggang once again crossed paths with Guangxi in Taiping, China, which may be a kind of chance.

Some insiders who are familiar with Yang Minggang believe that Yang Minggang's promotion is reasonable, with positive character, strong ability, good reputation, and a "post-70s" doctor, which fully meets the requirements of the high-level for promoting and reusing young and strong professional cadres.

Recently, in addition to Yang Minggang, there is also Zhou Liqun, chairman of the board of supervisors. It is understood that Zhou Liqun, who was born in 1963, has reached retirement age and has recently bid farewell to China Taiping, where he has worked for more than four years.

Several subsidiaries of China Taiping have also been adjusted recently. For example, Shi Shenglin and Tang Hengyuan were approved as deputy general managers and chief risk management executive officers of Taiping Asset Management Co., Ltd., Chen Yu was approved as chairman of Taiping Technology Insurance Co., Ltd., Cao Qi and Chen Xin were appointed as general managers and chief information officers of Taiping Fund respectively, and on December 18, 2023, Yu Xiaodong and Du Mingjie were approved as chairman and audit officer of Taiping Reinsurance (China) Co., Ltd. respectively.

In addition, Xiao Xing was recently double-opened and arrested half a year after his fall.

Some people familiar with Xiao Xing expressed regret for Xiao Xing's fall, believing that he has a strong work ability, wide contacts, rich resources, and a certain amount of responsibility in his work, objectively speaking, he has made a certain contribution to China Taiping. He could have achieved better in his career, but he forgot his original intention, lost himself in the face of desire, and eventually fell astray.

Xiao Xing's fate is the so-called "those who hurt his body are not in external objects, they are all caused by lust".

Xiao Xing's ten-year peaceful career came to an end.

Xiao Xing lost the peace of China and lost the peace forever. And the Taiping of China, which lost Xiao Xing, is still peaceful.

In recent years, the new Party Committee of China Taiping Group has resolutely implemented the deployment of the central government, overcome the impact of the Wang Bin case and the Xiao Xing case, firmly implemented the high-quality development strategy, and achieved remarkable results in comprehensive and strict governance of the party and high-quality development. On January 29, the 2024 Discipline Inspection and Supervision Work Conference held by China Taiping pointed out that in 2023, the company will promote the right style, discipline and anti-corruption in depth with the spirit of self-revolution, and strive to eradicate the soil and conditions for the breeding of corruption.

The 2024 China Taiping Work Conference held on the same day pointed out that in 2023, the Group's core business will be stable and improving, positive progress will be made in preventing and resolving risks, significant results will be achieved in solving problems, a series of breakthroughs will be made in strategic initiatives, and new steps will be taken in high-quality development. In particular, the medical and health care ecosystem strategy implemented since 2021 has lagged behind in the industry.

It is understood that at present, China Taiping's Guangzhou Kapok Family has been officially put into operation, Beijing Yulan Family has been put into trial operation, Sanya Haitang Family has been opened, Chengdu Furong Family has been completed, Shanghai Wutong Family has more than 1,000 elderly people, and the number of "self-built + cooperative" pension communities has reached 50, covering 40 cities in 22 provinces (municipalities directly under the central government), and the number of self-built and self-nutritious old beds has exceeded 10,000.

2024 marks the 95th anniversary of the founding of China Taiping. After scraping the bones and curing the poison, with the completion of the adjustment of the members of the leadership team, China Taiping will focus on the positioning of large state-owned financial institutions, unswervingly follow the road of financial development with Chinese characteristics, and usher in a thousand new atmospheres.

【Yang Minggang Profile】

Born in January 1971, he is a native of Weiyuan, Sichuan. He holds a master's degree and a doctorate in law. He joined the party in June 1994.

He started his career in July 1996 and worked in the Civil and Administrative Procuratorate of the Supreme People's Procuratorate.

In May 2007, he joined China Export & Credit Insurance Corporation.

In November 2008, he was appointed as the legal responsible person of Sinosure.

From October 2013 to November 2014, he served as a member of the Standing Committee of the Municipal Party Committee and Deputy Mayor of Fangchenggang City, Guangxi. In January 2015, he was appointed as a member of the Standing Committee of the Fangchenggang Municipal Party Committee.

On January 26, 2024, he was appointed as a member of the Party Committee of China Taiping Group.

Image: Internet

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