Hosted by Xiamen National Accounting Institute and Hexun.com, the first “China Chief Financial Officer (CFO) Summit – Corporate M&A and Value Creation Forum” hosted by the Online Investment Fair () was held in Xiamen on September 10th. . Hexun.com broadcasts the summit at full time. Sun Zhenyu, former deputy minister of the Ministry of Commerce, the first representative of the WTO and the chairman of the China WTO Research Association, said in the forum that mergers and acquisitions cooperation is the only way for enterprises to become bigger and stronger, and an effective means for industrial integration and upgrading. Since the twentieth century, the world has experienced five major mergers and acquisitions. A large number of industry giants have emerged. The stars born from the early American steel company DuPont to the Internet are constantly making mergers and acquisitions during the economic development stage. The development of the industry is cyclical. When there is a new technology and business model and sufficient financial support when the economic prosperity is stalemate, anyone can stand out and become an industry integrator. And these integrators will drive the development of the entire industry from a new height.

The following is a record of Sun Zhenyu's speech:

Sun Zhenyu, President of the China WTO Research Association: Distinguished guests, good morning everyone! I am very happy to attend the China Chief Financial Officer (CFO) Summit. This is a very professional summit, and participants must first understand finance. The second should be the chief of a big company. Our national accounting school teachers and students have also participated, of course, I do not have both. So I came here mainly to learn from experts. I worked in the Central Group for five years from 1985 to 1990, although the Central Group is a state-owned enterprise. But I also feel the core position of finance and personnel in the enterprise. Therefore, it is very important to make the best use of the talents and make the best use of them. In particular, the CFO played a key role. It plays a key role in the major decisions of participating companies, so the CFO must have very good political and professional qualities. Today, the global wave of mergers and acquisitions has brought opportunities to enterprises, and some opinions are expressed. It is hoped that our financial officers will explore the long-term development of enterprises.

In the past three decades, China has turned the opportunity of global industrial transfer and became the world's second largest economy and the largest trading nation. In the next 30 years, if China wants to achieve transformation and upgrading and sustainable development, it must rely on the continuous innovation of enterprises to seize new historical opportunities. M&A cooperation is the only way for enterprises to become bigger and stronger, and it is also an effective means for industrial integration and upgrading. Since the twentieth century, the world has experienced five major mergers and acquisitions. A large number of industry giants have emerged. The stars born from the early American steel company DuPont to the Internet are constantly making mergers and acquisitions during the economic development stage. The development of the industry is cyclical. When there is a new technology and business model and sufficient financial support when the economic prosperity is stalemate, anyone can stand out and become an industry integrator. And these integrators will drive the development of the entire industry from a new height. The first wave of mergers and acquisitions was an important change in the industrial structure of the United States before the 1920s. The 100 largest companies have grown by 400% and control 40% of the country's industrial capital. This wave of horizontal mergers and acquisitions promoted the development of American industrialization and created a huge monopoly for enterprises. The second merger and acquisition movement took place in the 1920s in the 20th century, with 1929 being the climax. The wave of restructuring was the carrier of the development of the radio and automotive industries, which strengthened the degree of competition among enterprises. The model is a vertical merger. For example, Ford Motor's production of automobile assembly lines is an important representative. The third corporate restructuring climax occurred in the 1950s and 1960s after World War II. The popular form was mixed M&A. The golden age is full of confidence in the economic outlook and the market is increasingly active. The enthusiasm for stocks prompted a major cause of the wave. The fourth acquisition lasted from the mid-1970s to the end of the 1980s, with 1985 as the climax. The new financing tools represented by junk bonds promoted this strategically driven industrial restructuring. Of course, the refurbishment of financial products derived from it has also laid the foundation for the future financial system. The fifth wave, which has continued to the present since the 1990s, globalization, information technology, financial innovation, and industrial integration require companies to make rapid adjustments. This wave reached the wave of high-tech mergers and acquisitions from 2001 to 2010. climax. Nowadays, many enterprises are incubating new integrators. On the one hand, there is overcapacity, inefficient competition, and high-quality services are in short supply. There is huge market space. For example, in the field of environmental protection, in the aspects of atmospheric management, water treatment, soil management, etc., in the next 20 years, it will be a blue ocean of development. For example, in the field of health and health services, along with the acceleration of the aging society, the pension and medical services are also in short supply. The lack of service products severely restricts the development of related industries. There is a huge space for international cooperation in these areas. The industrialization of urbanization in developed countries has slowed down and environmental governance has been completed. Although the technology is advanced, but the market space is limited, it is just after the financial crisis in 2008, it is still struggling. It is a new round of global M&A opportunities and an opportunity for the global industry chain and value chain to be reorganized. If the previous round of industrial transfer, China has accepted the low-end products of the global industrial chain by virtue of cost advantages, then this round of China will rely on huge market space and hard-earned capital advantages to integrate global industrialization. High-end, a powerful enterprise in China worth considering and exploring. The China CFO Summit Forum coincides with the crucial period of China's transformation and upgrading. It brings together the chief financial officers of multinational corporations and large local enterprises. Together, we will discuss how to use the current economic operation situation and policy orientation. Co-organized with Xiamen National Accounting Institute. Young talents gathered together and hoped to find a suitable path for Chinese companies in the global value chain through discussion and make due contributions to promoting China's economic transformation and upgrading.

Finally, I wish the China Chief Financial Officer (CFO) Summit a complete success.

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