CITIC
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China International Trust Investment Company (CITIC) is a state-owned investment company of the People's Republic of China, established by Rong Yiren in 1979 with the approval from Deng Xiaoping.
Its initial aim was to "attract and utilized foreign capital, introduce advanced technologies, and adopt advanced and scientific international practice in operation and management." [1] (http://www.citic.com/english/about/index.html) It now owns 44 subsidiaries (mainly banks) in China, Hong Kong, the United States, Canada, Australia and New Zealand.
The founder of CITIC, Rong Yiren, is the son of one of the richest businessmen in China in the 1930s, Rong Desheng (荣德生). He was also one of the few capitalists that stayed in mainland China after 1949. Rong Yiren later became the vice-president of the People's Republic of China in 1993, and stepped down in 1997.
See also
- CITIC Pacific, a subsidiary of CITIC group in Hong Kong
- CITIC Plaza, a skyscraper in Guangzhou, PRC
- CITIC Ka Wah Bank
External link
- CITIC website (http://www.citic.com/)