Chinese Finance: Ping An's "People-Oriented" Approach

News / 2024-09-03

Seventy-five years of magnificent waves, the power of 1.4 billion people, have lifted the great rejuvenation dream of the new China.

For thirty-six years, Ping An has been forging ahead with determination, interpreting the original mission of "finance for the people".

Over the years, Ping An has grasped the trend of the times, accumulated momentum, and firmly grasped high-quality development as the primary task, always integrating the people-oriented nature of financial work into the main line of development, actively leveraging its main business advantages, continuously strengthening the people-centered value orientation and the fundamental purpose of financial services to serve the real economy, and unswervingly following the path of financial development with Chinese characteristics.

Guarding the country's important instruments and escorting small and micro entities

In the torrent of the rise of the country, finance is a key core force and has played an important role in economic construction. "Finance is 'the great cause of the country', which is related to the overall situation of the construction of Chinese-style modernization." The words of the General Secretary are resounding and forceful.

After the central financial work conference proposed the era's proposition of doing well in the "five major articles" of finance, the third plenary session of the 20th Party Congress made significant deployments to deepen the reform of the financial system, clarifying the key tasks and implementation paths of financial support for high-quality development.

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"Finance should take serving the real economy as the starting point and foothold." The Party Central Committee has given the financial industry a heavy responsibility of the times. On the broad road to Chinese-style modernization, Ping An actively assumes mission and responsibility, deeply integrates into the overall situation of national development, actively serves the real economy, provides strong support for the high-quality development of China's economy, and escorts and protects.

There are countless such cases - Ping An Property Insurance has provided a total risk guarantee of about 80 billion yuan for the world-class cross-sea cluster project Shenzhen-Zhongshan Corridor, resolutely guarding the "super project", and is the chief underwriter for green power stations such as the Baihetan Hydropower Station, Horus No.1 remote sensing satellite, Sichuan-Tibet Railway, domestic large aircraft, Zhangjingao Yangtze River Bridge, Jinan Yellow River Tunnel and other super-large projects; Ping An Bank has launched multiple IoT satellites, taking the lead in the industry to independently build a "天地integrated" IoT financial service, and is poised to empower the development of new quality productive forces.

As of the end of June 2024, Ping An has invested nearly 94.6 trillion yuan to support the development of the real economy, providing a total risk guarantee of more than 43 trillion yuan for more than 1,700 key projects across the country. On the road of real economic development, the orange of Ping An in China has always been as bright as ever.

To help new citizens struggle and live in the city, Ping An Property Insurance has designed work accident insurance for groups such as delivery riders, ride-hailing drivers, and domestic workers, providing exclusive risk protection for new citizens with an average of 650,000 people per day in 2023, with a total insurance amount of 422.5 billion yuan; Ping An Bank has served more than 888,500 inclusive small and micro enterprise loan customers, with a loan balance of about 515.051 billion yuan, effectively solving the pain points of "expensive and difficult financing" for small and micro enterprises.Finance is not just about being "high-end, grand, and upscale"; it is also a form of meticulous care that "moistens things silently." Remembering the original intention of public welfare and devoting oneself to rural revitalization.

On a day in September, at a snakehead fish breeding base under Hai Da Group in Sanjiao Town, Zhongshan City, Ma Mingzhe, Chairman of Ping An Group, quickly walked to the feeding platform by the fish pond, bent down to scoop up a ladle of fish feed, and sprinkled it into the pond. In an instant, it caused a flurry of fish to leap and scramble for food.

This was a vivid scene when Ping An's "Hundreds of Thousands Project" research activity entered Zhongshan and Jiangmen. During the activity, Ma Mingzhe and his team successively researched the Zhongshan fishery breeding special loan support project, the ancient tree and famous tree insurance in Xinhui Little Bird Paradise, the Enping smart agriculture planting project, and rural party building cooperation projects. They also had in-depth discussions with large-scale planters and breeders and principals of Ping An Hope Primary Schools.

In recent years, Ping An has actively helped rural revitalization and devoted itself to public welfare undertakings. Since 2018, Ping An has launched the "Three Villages Project," providing a total of 117.9 billion yuan in industrial assistance and revitalization funds by the end of 2023, with cumulative consumption assistance exceeding 800 million yuan. From insurance, finance, and medical health "going to the countryside" to serving the "Hundreds of Thousands Project," Ping An's ever-lasting strength has always been intertwined in the process of local economic development and rural revitalization.

Thirty years ago, Ping An became involved with the Hope Project and began to practice educational public welfare. For a long time, Ping An has created the "Five Major Projects" of educational public welfare through assistance measures such as hardware maintenance, course teaching support, remote training, summer camps, and scholarships for both teaching and learning. From the initial construction of school buildings to encouraging learning with "teaching," and then to cultivating qualities and shaping personalities with "educating," Ping An's educational public welfare has continuously integrated "hardware and software," expanded new paths, and helped more rural children "get out of the mountains."

By the end of 2023, Ping An has made remarkable achievements in educational public welfare. It has built a total of 119 Ping An Hope Primary Schools nationwide, donated 1,039 smart schools, and recruited 11,721 teaching volunteers, with a total teaching service time of 438,000 hours.

"As long as there is one student in Ping An Hope Primary School, Ping An's public welfare teaching support will continue," Ma Mingzhe made such a firm commitment.

Helping to achieve "care for the elderly and enjoyment for the elderly"

Data shows that there are about 169 million elderly people over the age of 60 in China. How to improve the elderly care system, promote high-quality development of the elderly care industry, and ensure that the elderly have someone to rely on and someone to care for has become an important issue at present.Under profound insight, the "comprehensive finance + medical and elderly care" service ecosystem has become an important iteration for Ping An in its "fourth decade." In the mid-term performance report of 2024, Ping An elevated the field of elderly care to the company's strategy.

"'Comprehensive finance + medical and elderly care' represents the next decade for Ping An, and it is a 'major article' we need to write in response to current market demands," said Xie Yonglin, General Manager and Co-CEO of Ping An Group.

By drawing on more than a decade of operational management experience in the insurance and medical industries, Ping An has innovatively launched the Chinese version of the "managed care model," continuously concentrating medical care service resources around the elderly with a focus on "surrounding," "beside," and "bedside," building a service capability that reaches "online," "in-store," and "at-home." The extensive coverage of hundreds of medical health and elderly care service resources, along with accessible high-quality self-operated resources, has formed differentiated product and service advantages.

At the same time, Ping An continues to improve its elderly care service system. In October 2023, Ping An introduced the "Care Alliance," or "Ping An Home Care Rehabilitation Nursing Alliance," dedicated to working with experts, scholars, and healthcare service providers to promote the standardization of healthcare services. In March 2024, Ping An launched the "Living Alliance," or "Home Safety and Elderly Care Service System," aimed at helping to meet the home safety needs of the elderly, reducing risks, and alleviating children's worries. In August 2024, Ping An released the "Joy Alliance," introducing the butler "Three Companions" service system, further deepening the home care alliance model.

As of the end of June 2024, in the 64 cities where Ping An provides home elderly care services, more than 120,000 customers have obtained service eligibility, and over 60,000 customers have started services, including "medical, food, housing, transportation, finance, health, care, leisure, and safety" in 10 major scenarios and more than 600 specific services. At the same time, Ping An has started the construction of high-quality health and elderly care communities in five cities, which will gradually open from 2025.

It can be seen that the dual strategy of "comprehensive finance + medical and elderly care" will become the key to Ping An's success in taking the lead in its "fourth decade."

Conclusion: The 75th anniversary of New China encompasses Ping An's 36-year history of staying true to its original aspirations and forging ahead. In the future, continuous insight into people's livelihood needs, adherence to the mission of "serving the people," and a heart that embraces the nation and society will all drive Ping An to strive forward on the path of high-quality development alongside the people and the nation's strength.