CITIC: Meaning (information, definition, explanation, facts)

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 "attracted and utilized foreign capital, introduced advanced technologies, and adopted advanced and scientific international practice in operation and management." [1] It now owns 44 subsidiaries(mainly banks) in mainland 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.