China's credit committees and corporate boards have found an unexpected refuge as the coronavirus epidemic keeps physical meetings off limits.
A Communist Party smartphone application, Xuexi Qiangguo, is becoming the host of choice for virtual corporate meetings, according to sources in ship finance and public companies here.
The app's universal availability in leading circles in China, in addition to the security it offers, makes it ideal for corporate meetings, sources told TradeWinds. Some said it has overtaken even the ubiquitous WeChat platform in popularity.
The virtual boardroom has made deliberations briefer and more efficient, in addition to removing the threat of contagion, according to some executives who have used it.
But others suggested the move away from physical meetings encourages unanimous "yes" clicks instead of debate, and gives the authorities a direct window into corporate proceedings.
Some financial sources worry that such meetings could lead to more positive outcomes in credit committee meetings of financial leasing companies, where frank questioning may be a crucial supplement to audited figures.
One financial executive said: "On an app, some people might want to talk about the lines of the meeting agenda and respond with 'yes' or 'no'. Sometimes it is important to see the face to know what other question is important."
Another dismissed such worries, saying: "Our credit committee meetings are shorter with Xuexi Qiangguo. Much more efficient, with less [discussion of] side issues."
Another executive is glad that physical meetings are beginning to return in some organisations, albeit only for the most important issues, and then only with masks on to avoid contagion.
The app long predates the outbreak of the Covid-19 epidemic in Wuhan late last year. Xuexi Qiangguo was released by the Communist Party propaganda department ahead of the spring 2019 meeting of the National People's Congress, the country's rubber-stamp legislature.
Hearts and minds
A Reuters report at the time cited sources at New York-listed Chinese e-commerce giant Alibaba as revealing that a little-known special projects unit of the company had developed it for the party.
It was originally designed as a game-like approach to political indoctrination, especially in the important field of Xi Jinping Thought — the policies and ideals of the party's general secretary. It was quickly made obligatory in China last year as a tool for reinforcing President Xi's place in the hearts and minds of young party members.
The name translates ambiguously as "Study, Strengthen the Country" or "Study the Strong Country", with a play on words for the Chinese leader's family name.
In addition to promoting party doctrine, the app has meeting, messaging and calendar tools. It also gives the party the user's identification details and full access to all information on an Android system smartphone.
Nor is the educational side of the app limited exclusively to party policy and Xi's important speeches.
"Sometimes it also covers Chinese and foreign history and geography," one party member told TradeWinds. "It's amazing. Sometimes you learn things you didn't know."
