Over the last year, in the face of the complex economic and financial situation at home and abroad, China Orient has been guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, strived to promote transformation, upgrading, innovation and development, and maintained the Group's operation in a steady development trend.
2019 is a year to overcome difficulties. China Orient has always maintained development momentum, strived to stabilize the development pattern, and promoted the steady improvement of the Group's operating performance. The financial situation of the company continues to improve. The consolidated net profit after tax for the whole year was 10.4 billion yuan, and the consolidated total assets at the end of the year reached 1,134.8 billion yuan, effectively improving the overall strength.
2019 is a year to take the initiative. China Orient carefully focused on core responsibilities and the main business and increased investment in non-performing asset. In 2019, China Orient invested 121.2 billion yuan in non-performing asset, financial non-performing asset accounting for 73.65% of the total. China Orient continued to strengthen group control, improve corporate governance mechanisms, build a comprehensive assessment system with capital return as the core, promote subsidiaries to enhance profitability, and maintain a stable development foundation.
2019 is a year to overcome difficulties. China Orient has earnestly fulfilled its mission, made solid progress in poverty alleviation and successfully removed poverty in targeted poverty-stricken counties. China Orient persisted in preventing and controlling major risks, serving the development of the real economy, promoting market-oriented debt-to-equity swap, setting up relief funds, helping real enterprises reduce leverage and solve difficult problems, and improving the quality and efficiency of services in an all-round way.
Pay tribute to the way we came and be ready to start again. In the new year, in the face of the impact of the COVID-19 pandemic, China Orient will strive to stabilize business development, continue to promote structural transformation, and actively play the important role of the company in preventing and controlling financial risks and serving the real economy.
In 2020, China Orient will develop in an unswervingly and steadily way. Efforts will be made to stabilize the development trend of the main business and the pace of non-performing asset business investment to promote the subsidiaries to maintain stable growth of the main business, to consolidate and optimize the profit sources of the Group, and to achieve stable development of the Company.
In 2020, China Orient will spare no efforts to optimize the momentum. Continue to adjust the business structure, optimize the assessment system, give priority to the efficiency of capital allocation, guide all business units to take the capital-intensive development path, and improve the quality of the development of the Company.
In 2020, China Orient will adopt a multi-pronged approach to prevent risks. Continue to improve the disposal system of non-performing asset, accelerate the disposal of non-performing asset and consolidate the quality of asset; Insist on operating in accordance with laws and regulations, improve overall risk management, and promote the stable operation of the Company.
In 2020, China Orient will optimize the allocation of insurance priorities. Earnestly implement the national regional development strategy, seize the opportunities for regional development, give priority to resource support and policy preference to key institutions, enhance the development capabilities of institutions in key regions and key areas, and create development characteristics of the Company.
Challenge is the driving force for progress, and struggle is the background of the times. This is an era full of challenges and opportunities. It is also an era of great achievements and many possibilities. We shall keep our confidence in development in the spirit of reform and entrepreneurship and value the pragmatic style of work. In addition, we will be brave to shoulder responsibility and take initiative, endeavour to seek new development under new circumstance, and thus obtain high-quality, sustainable development for the Company.