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The History of CITIC Group

Founding

 

At a meeting with personages of industrial and business communities and of democratic parties in January 1979, Mr. Deng Xiaoping expressed the hope that Mr. Rong Yiren and other comrades could do some actual work for the reform and opening-up and play their role accordingly. In February of the same year, Mr. Rong Yiren submitted to the central government his Tentative Opinions on Establishing an International Investment and Trust Corporation. In June, the State Council approved the establishment of China International Trust and Investment Corporation, and in October 1979, China International Trust and Investment Corporation (CITIC) was founded. Mr. Rong Yiren was the first Chairman and President.
 
Established at the early years of China's reform, CITIC has become a window of China's opening-up to the outside world.

 



Reform and Development

Since its inception, CITIC has experienced the following stages of reform and development:

 

·1979 - 1984 (pioneering stage)

At this initial stage, CITIC introduced and utilized foreign investment to complement domestic economic construction. At the same time, it made a series of explorations and innovations in its management system, way of operation and business scope, took the lead in issuing bonds overseas and developed multiple ways of financing. CITIC was the earliest in conducting financial leasing, overseas investment, international economic consulting and other businesses. While actively carrying out sino-foreign economic and technical exchanges and cooperation, CITIC has become an important role model on many fronts.

 

·1985 - 1988 (stage of rapid growth)

During this period, CITIC continued with its pioneering spirit and innovative work, used foreign investment to develop its investment business, and grew rapidly. In order to sustain the rapid growth, it carried out a structural reform. In this process, its major business units became independent bodies. A number of specialized, regional and overseas subsidiaries were set up successively. CITIC gradually became a conglomerate with businesses covering production, technology, finance, trade and service industry, etc. The "CITIC Spirit" formulated by Chairman Rong Yiren has become the code of conduct for CITIC people.

 

·1989 - 1992 (stage of readjustment)

At this stage, in line with the government's overall requirement on economic work, CITIC adopted a series of readjustment measures, centering on strengthening management, cutting investment and improving economic efficiency. Business continued to grow amid readjustment. In July 1992, it formulated a ten-year program and the 8th five-year plan, and set the basic principle and development goal as "strengthening management, improving efficiency, seizing opportunities and promoting growth".

 

·1993 - present (stage of steady growth)

In March 1993, Mr. Rong Yiren was elected Vice President of China. The State Council reshuffled the top management of CITIC, appointing Mr. Wei Mingyi as Chairman, and Mr. Wang Jun as President. Starting from 1993, CITIC carried out extensive studies and discussions on its strategy, business focus and management. Great importance was attached to overcoming the tendency of thinking highly of pioneering work while paying insufficient attention to management. Efforts were made to strengthen management and intensify macro-control.



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