Highlights of the 19th "Oscar for Money" | In-depth report series 1

CGMA 2023 China Awards and CFO Summit Forum Prominent Guests, Highlights "Winning the Future with Wisdom, Steadfastly Moving Forward" The 19th "CGMA Global Management Accounting 2023 China Awards and CFO Summit Forum" was grandly held on November 23rd in Qiantan, Pudong. This year, the event was organized by the AICPA® & CIMA® International Professional Accountants Association, with the Pudong New Area Financial Services Bureau and the China (Shanghai) Pilot Free Trade Zone Administration Expo Bureau as guiding entities. The China International Talent Exchange Foundation (CITEF) and the Pudong International Finance Research and Service Center served as strategic partners, with support from the International Finance Forum (IFF) as a think tank partner. The "CGMA Global Management Accounting Annual China Awards" is honored in the industry as the "Oscars of Finance." The summit, themed "Winning the Future with Wisdom, Steadfastly Moving Forward," gathered over 300 guests on-site! More than 30 distinguished guests shared and discussed the most cutting-edge topics including artificial intelligence, digital management accounting, world-class financial systems, innovative talent cultivation, and corporate sustainable development. Nearly 180,000 people watched this grand event live. AICPA & CIMA United Effort The AICPA® & CIMA® International Professional Accountants Association hosted the CGMA 2023 China Awards and CFO Summit Forum, which was grandly held on November 23rd in Qiantan, Pudong. With the Pudong New Area Financial Services Bureau and the China (Shanghai) Pilot Free Trade Zone Administration Expo Bureau as guiding entities, and strategic partners China International Talent Exchange Foundation (CITEF) and the Pudong International Finance Research and Service Center, the summit received support from the International Finance Forum (IFF) as a think tank partner. The "CGMA Global Management Accounting Annual China Awards" is recognized in

Welcome Remark Vicky Li, FCMA, CGMA President of AICPA & CIMA North Asia "Shanghai is one of the global financial and business centers, and Pudong is a hub for international high-level finance and financial professionals. This year's rollout of international high-end talent policies has paved the way for CGMA Chartered Global Management Accountants from around the world to flourish in Shanghai, providing many conveniences for work and life. The association will continue its century-long tradition, dedicating itself to cultivating more outstanding leaders and professionals in China's financial sector. By enhancing the professional capabilities of management accountants, we aim to help enterprises achieve high-quality and sustainable development."

Opening Speech Yang Chao Standing Committee Member, Pudong New Area Committee, Executive Deputy District Mayor, and Deputy Director of the Administrative Committee of China (Shanghai) Pilot Free Trade Zone This year marks the 33rd anniversary of Pudong's development and opening-up, as well as the 10th anniversary of the establishment of the Shanghai Free Trade Zone. Pudong was born and thrived because of reform and opening-up. Today's forum, held in Pudong, is assuredly set to create a platform for outstanding financial talents from home and abroad to communicate with regulatory bodies, the corporate world, investors, and academia. This will promote the study and practice of management accounting in China and support the transformation and upgrading of the Chinese economy. This year, Pudong officially launched the “1+1+N” talent policy system, covering various sectors including technology, finance, law, shipping, education, and healthcare, to better attract and cultivate high-quality talents. Pudong strives to create a world-class business environment and talent ecosystem, actively building an internationally competitive talent system, continuously optimizing the legal environment, and providing a broad stage for talents to start and grow their businesses. CGMA Global Management Accounting 2023 Annual China Awards and CFO Forum - Winning the Future with Wisdom, Steadfastly Moving Forward

Keynote Speech Future of Finance 2.0 Andrew Harding, FCMA, CGMA CEO of Management Accounting, AICPA & CIMA In an era of uncertainty, with the chain effect of dynamic interactions between emerging technologies, evolving consumer behaviors, and the global economic landscape, the work model in finance is undergoing active transformation. As times change, the expectations of nations, societies, businesses, and organizations for the role of financial professionals have become diverse. Financial professionals need to embrace a mindset shift and the advancements in technologies like artificial intelligence to reshape traditional financial practices. In fact, finance and financial understanding are transcending traditional meanings; whether it's digital transformation in corporate finance or the importance of ESG reporting, the role of finance will not diminish with time but instead be continually emphasized. Big Model: A New Engine for Industrial Intelligence Dr. Ke Sun Co-Chair of Baidu Intelligent Cloud Technology Committee, Chief Architect of Baidu Intelligent Cloud Application Product Center "The big model has elevated our artificial intelligence technology to an incredibly high level, and the goal of technology is to better promote social and economic development. According to the latest professional industry research reports, the productivity boom triggered by generative AI could increase global GDP by 7% annually over the next decade, equivalent to nearly 7trillioninannualglobalGDPgrowth. By2030,AIcouldboosttheproductivityofknowledgeworkersbymorethanfourtimesandgenerateupto7trillioninannualglobalGDP growth.By2030, AIcouldboosttheproductivityofknowledgeworkersbymorethanfourtimesandgenerateupto14 trillion in income and $90 trillion in corporate value. With the development of economic technology and information sharing, the era of a surge in native applications is expected to arrive even faster. We look forward to technology increasingly serving people and meeting the higher-level needs of professionals."

AIGC in Finance Vicky Ouyang Partner, Solution Management Leader of Asia-Pacific, Consulting Services Leader of Central China, Ernst & Young (China) Advisory Limited "The impact of AI on enterprises and its development in business applications is advancing rapidly. According to an EY survey conducted at the beginning of the year, not a single company is ignoring the development of AI, with 47% of enterprises having moved beyond the initial experimental stage to the next steps. EY has accumulated rich experience in flexibly developing AI solutions for enterprises and looks forward to further empowering companies and financial managers by leveraging AI to deeply explore complex business insights and more intelligently realize the strategic value of finance. We hope that companies will also accelerate their pace in considering how to utilize AI, find effective methods, and strengthen its contribution to enhancing financial work efficiency within enterprises." Challenges in ESG Performance Evaluation ShiJun Cheng Professor of Accounting, Executive Dean, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University "ESG—Environmental, Social, and Governance—is conceptually very significant. It aligns highly with sustainable development and high-quality growth. The first priority mentioned in the Central Financial Work Conference is green finance; inclusive finance and pension finance are also related to ESG. Therefore, ESG is a very good and advanced concept. What society truly needs are more sustainably developing companies, and a high ESG rating does not necessarily indicate a stronger capability for sustainable development. Thus, while ESG should be valued, performance evaluations should not overlook other long-term value drivers. ESG should be used as a means to enhance sustainable development rather than being the ultimate goal."

Building a World-Class Financial System - Creating Value through Digitized Finance Zheng Li, FCMA, CGMA Standing Committee Member of the Party Committee of China Railway Rolling Stock Corporation (CRRC) and Chief Accountant of CRRC Corporation Limited "A world-class financial system requires us to fully learn from the management experiences of outstanding enterprises worldwide while also basing it on China's national conditions. We need to build an organizational management system that aligns with market economic rules and corporate development principles, implement lean management, accelerate enterprise transformation, and establish an intelligent, agile, systematic, in-depth, and forward-looking digitized financial system. The future model of digital finance will be an ecological one, focusing on ecological value where finance becomes an enabling system, aiming at the creation of overall value within the ecosystem. In short, the future has changed, and the only constant is change itself. Starting with the end in mind, using action to gain knowledge, adhering to principles, and working diligently for long-term success, our journey of digitalization is ongoing. The road ahead is long, and we need to further advance our digitalized financial systems to enable CRRC to strive towards a world-class financial system!"

2023 CGMA Annual Awards Committee Lijun Xia Professor at Antai College of Economics and Management, Shanghai Jiao Tong University Since its establishment in 2005, this year marks the 19th CGMA Awards. Over nearly 20 years, AICPA & CIMA have continuously committed to conveying and advocating the importance of excellent finance in corporate governance, value creation, and social development. During the selection process, our judges adhere to the principles of fairness, impartiality, and openness. Professional committee members score all application materials, with EY (Ernst & Young) overseeing the entire voting and counting process. Each award has corresponding selection criteria aiming to ensure fairness and reasonableness. Our awardees are not only recognized and encouraged by society for their outstanding achievements in the financial field but also actively promote best practices in the management accounting sector across the entire industry.

Closing Speech Justin Ye, FCMA, CGMA Chairman of AICPA & CIMA North Asia Regional Advisory Board Management accounting and obtaining the certification is just the beginning. The first thing I say to every new member is, "Today is just a beginning, but it is a very good beginning." Today's forum centered around digitalization, AI, and ESG, featuring vibrant and active discussions from both academic guests and industry leaders. However, to make all of this happen, it ultimately depends on each CFO and every financial professional present here. All changes are ultimately changes in mindset and changes in people. Believe that as long as we put in the effort, anything is possible!

Roundtable Session: Digital Management Accounting (DMA) Helping to Build a World-Class Financial System Zhiguo Zhang (Executive Director of the Finance Department, China CITIC Financial Holdings Co., Ltd.): "Using the construction of a finance shared service center as the cornerstone of financial transformation, solidifying data accumulation, and strengthening data governance standards. Enhancing the application of management accounting as the core of financial transformation." Chen Zheng (Director of the Accounting Department, State Grid Corporation of China): "State Grid's digital finance is undergoing a complete 'digital+’ transformation, reconstructing the value chain with a digital mindset. By focusing on data, we outline the essence of the entire business, reconstruct the logic of business operations, and thereby drive overall value creation." Justin Ye (FCMA, CGMA, Chairman of AICPA & CIMA North Asia Regional Advisory Board, CFO of CNOOC Shell Petrochemical Co., Ltd.): "Digitalization offers an opportunity for financial professionals and CFOs to present data to decision-makers in a more lively, dynamic, and comprehensive manner." Lily Wei (FCMA, CGMA, Director of Management Reporting, Finance Department, China National Offshore Oil Corporation): "Financial practitioners should enthusiastically embrace digitalization. The DMA knowledge system also mentions that financial personnel need to have data thinking and data capabilities to help enterprises awaken dormant data."

Academic Commentary Professor Junyong Liu (Party Secretary of the School of Accounting, Central University of Finance and Economics): "The second stage of financial digitalization is the phase of internal business-finance integration, particularly focusing on creating value within the internal value chain. The data generated in this phase will be shared across various stages of the internal value chain, from R&D, design, production, marketing, distribution, to after-sales, thus creating new opportunities for value growth." "In terms of talent cultivation, we have launched an international undergraduate program with a DMA (Digital Management Accounting) focus this September. The first batch of undergraduates has already been enrolled, and they will start their actual coursework next semester."

Roundtable Discussion: Transformation and Development of Innovative Finance Talents in the Digital Age Fei Ye (FCMA, CGMA, Deputy General Manager and Financial Officer of Dajia Life Insurance Co., Ltd.): "Business-finance integration or digital transformation requires well-rounded talents. If these talents can step out of the finance sector and then step back, it will greatly benefit their comprehensive training and overall development." Qing Pan (AICPA, CGMA, CEO of Noah Holdings): "During our digitalization process, especially when financial decision-makers are transitioning to business decision-makers, it is crucial to be adept at pivoting. They need to shift from being task executors to problem setters, especially in designing our digital landscape, which is a very important skill." Wei Xu (Chairman of Fosun Finance Shared Service Center): "The most important aspect of digitalization is to avoid being too closed off; we must be open and have a learning mindset. Often, successful digitalization is not due to a lack of tools but a lack of suitable talents." Hu Chen (President of ZTE New Cloud Service Co., Ltd.): "I strongly agree with CGMA's concept of digital management accounting. Without digitalization, management accounting cannot be achieved. The goal of digitalization is to implement management accounting. For finance, the tool for financial management is digitalization, and these two are closely integrated."

Professor Fengwei Liu (Professor and Head of Teaching and Research Department, Shanghai National Accounting Institute): "In the future, you will see that explicit knowledge, such as textbook content, may become less important, while tacit knowledge and skills will be more critical. Data and technology are not the most important aspects; our mindset and concepts may be more significant." Roundtable Discussion: Integration of Corporate Digital Transformation and ESG Goals Yifan Zhu (FCMA, CGMA, CFO of Legend Capital): "Globally, mainstream countries are formulating relevant information disclosure principles. For financial personnel, having ESG knowledge might now be seen as an enhancement of professional skills, but in the long run, it will become an essential competency for everyone." Meng'en Chen (General Manager, Patek Philippe Shanghai Private Equity Fund Management Co., Ltd.): "From an investor's perspective, encouraging more companies to complete digital transformation makes acquiring data and information easier, which positively impacts attracting investors. Based on overseas experience, China's ongoing digital advancements facilitate the influx of foreign capital into the Chinese market to invest in Chinese companies." Ke Chen (CFO and Board Secretary, Spring Airlines Co., Ltd.): "Financial digitalization is not just about finance itself but involves driving the entire company's processes, reforms, and management concepts' transformation. Ultimately, we hope digitalization helps the company achieve optimal balance in its operations and management dynamics." Dongsheng Zhao (FCMA, CGMA, Vice President and CFO of Li Ning Group): "Last year, we upgraded Li Ning's values, one of which is the harmonious development of individuals, enterprises, society, and nature. From a strategic perspective, we have integrated ESG into the company's development."