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Xiao Yaqing Meets with Jean-Sebastien Jacques, CEO of Rio Tinto

On February 17, 2017, Xiao Yaqing, Chairman of SASAC met with Jean-Sebastien Jacques, CEO of Rio Tinto.

Xiao Yaqing expressed his congratulations on Rio Tinto’s performance in 2016. He spoke high of the company’s effective practices in cutting costs, enhancing efficiency, technological innovation and safety management, and its “Value over Volume” strategy. He pointed out that China’s mining market, with constant structural improvement, is yet to be fully tapped. SASAC encourages Chinese central SOEs to develop long-term mutually beneficial partnership with Rio Tinto.

Xiao Yaqing went further by quoting President Xi Jinping’s keynote speech at the opening of 2017 Davos Forum that “we should pursue a well-coordinated and inter-connected approach to develop a model of open and win-win cooperation”. The message was well received by the international community. Chinese central SOEs are willing to promote globalization together with other prominent international enterprises. He also briefed on the progress of China’s SOE reform and pointed out that the reform will continue to be market-oriented.

Jean-Sebastien Jacques introduced Rio Tinto’s performance and key projects in 2016, as well as its cooperation with Chinese central SOEs. He believed that free trade and fair competition is essential for enterprises, and growth should be inclusive. Otherwise, globalization would be undermined. Rio Tinto will continue to focus on sustainable development and partner relations, which are two building blocks of the company, and further develop long-term, win-win cooperation with Chinese central SOEs.

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