China Everbright International vows to respond to global economic crisis

The company promises no layoffs, no pay cuts, increase in R&D investment and more job opportunities.

Amidst uncertainties in the economic environment such as the debt crisis in Europe and the U.S., Mr Chen Xiaoping, Chief Executive Officer of China Everbright International Limited (“Everbright International”), announced four solemn promises to the society recently, including no layoffs, no pay cuts and continued increase in R&D investment.

In light of the impact of overseas economic volatility on the real economy, Everbright International analyzed the macro economy and formulated its development plan. Mr Chen put forward a number of valuable corporate objectives: “Unifies understanding, clarifies objectives, improves overall efficiency in all operations and develops steadily.” He also described as work requirements “preparing for crisis in good times, staying calm when faced with challenges, initiating timely and appropriate actions, and preparing for the next boom.” These requirements aim to enhance internal risk management and corporate governance to respond to the global economic crisis effectively, according to a China Everbright International repori.

Mr Chen said, “Whether the prevailing debt crisis in Europe and the U.S. will be resolved decisively or mildly or whether the global economy will shrink or slide, there will be no significant influence on our daily operation, especially after the 2008 global economic meltdown. As compared to the end of 2008, the Group has recorded a 1.9 times increase in total assets and twofold increase in shareholders’ equity. With a steadily increasing income, we are in a stronger position against risks than ever before. Currently, we are at the best development stage, with a reasonable gearing ratio, a stable cash flow and solid financial position, as a result of which our businesses and efficiency will continue to grow steadily.”

Therefore, Mr Chen made four solemn promises to the Company and the society. He said, “Firstly, Everbright International will not lay off staff and cut salary. Secondly, we will continue to increase investment in R&D and training, solidifying our foundation for stable growth by way of upgrading technology and manpower. Thirdly, we will continue to create job opportunities after our projects are completed and commence operation. Fourthly, we will adhere to our commitment to sharing the fruit of our success with our shareholders. While carrying out social responsibility, the Group will continue to develop environmental energy and alternative energy businesses in an effort to make greater contributions to the economic growth and environmental conservation.”