CITIC

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China International Trust and Investment Company (中國國際信托投資公司), commonly known as CITIC, is a state-owned investment company of the People's Republic of China, established by Rong Yiren (榮毅仁) in 1979 with the approval of Deng Xiaoping.

Its initial aim was to "attract and utilize foreign capital, introduce advanced technologies, and adopt advanced and scientific international practice in operation and management." [1] 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 (榮德生). 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.

China International Trust and Investment Company, known as CITIC, is 中信国际信托投资公司 in Chinese, while CITIC Pacific is 中信泰富 in Chinese, which is a subsidiary of CITIC.