On August 28, Bank of Communications held its 2026 interim results briefing. Zhang Baojiang, Vice Chairman and President of the bank, stated that this year the institution has delved into the spirit of the Fourth Plenary Session of the 19th Central Committee, studied and understood the General Secretary's important remarks on financial work, formulated the "15th Five-Year Plan," and proposed the "12355" strategy. This strategy is a natural continuation of the approach taken during the "14th Five-Year Plan" period, reflecting both a commitment to carrying out a consistent blueprint to the end and an adaptation to new national requirements and practices.

Zhang further elaborated on the strategy. The "1" refers to the goal of building a world-class financial institution with distinctive advantages. This positioning was established during the "14th Five-Year Plan" and had similar expressions even earlier. The "2" represents two driving forces: the first being Shanghai's home-field advantage and the second being digital transformation. The Shanghai advantage is primarily based on the central government's policy requirements for piloting and pioneering the construction of Shanghai as an international financial center, which may bring new demands, structural needs, and scenarios.

The "3" stands for distinctive advantages, including integrated service features, cross-border operations, and strengths in resident wealth management. Zhang noted that these three features are rooted in the central government's requirements for financial work. The Fourth Plenary Session called on financial institutions to focus on their core business, improve systems, and deepen reforms. The first feature is integrated services. As direct financing continues to grow in total social financing, banks face an inevitable trend toward more comprehensive asset structures, income streams, and business models. While this trend spans various industries, the bank believes that in the context of rapid technological development, this advantage should be built with a focus on technology. The bank aims to leverage its relatively complete licenses to provide full lifecycle services.

The second aspect is cross-border business. In an era of deglobalization, the rationale for pursuing cross-border operations lies in national responsibility, Shanghai's goal of becoming an international financial center, and client demands. Additionally, Bank of Communications has a foundation in this area. The bank plans to capitalize on Shanghai's advantages in financial innovation pilot programs, strengthen coordination with government and enterprises, accelerate system development, and invest resources accordingly. The third aspect is resident wealth management. In the past, China was considered impoverished, but over years of development, social wealth has accumulated considerably. Currently, total resident deposits are roughly equivalent to, or even exceed, one year's GDP. With such vast wealth, how can residents share in the fruits of economic development? This is especially pertinent given the aging population, which drives significant demand for wealth management and pension services. Developing this direction is also a way to practice the political and people-centered nature of financial work, promoting the development of resident financial management.

The "5" is actually designed to shape these distinctive advantages and refers to five key capabilities: customer management, risk prevention and control, technology leadership, resource allocation, and systematic advancement. These capabilities were also proposed during the "14th Five-Year Plan" period, with only minor wording adjustments. The bank believes they remain applicable. Moreover, as the General Secretary has mentioned in building a strong financial nation, one component is powerful financial institutions, and the bank is actively implementing this. Thus, this "5" is worth pursuing. The final "5" represents five major articles to be done locally according to conditions.

Zhang pointed out: "Our current understanding is that no matter how good a plan is, it remains just a plan; the key issue is how to implement it." He admitted that many of the issues under discussion, and the most troubling problems, revolve around how to execute the plan. "Many things do not depend on whether we thought of them or saw them; the fundamental issue is whether we can make the logic of the plan materialize. This indeed poses many challenges to our way of thinking and working." He emphasized the need to pay closer attention to national policy arrangements and unwaveringly serve the real economy and the development of new quality productive forces. Greater emphasis should also be placed on practicing a customer-centric approach, deeply analyzing customer needs, identifying pain points, and quickly providing solutions with industrial depth and warmth. Furthermore, stronger coordination between the company's headquarters and branches is essential to achieve comprehensive results.