CITIC: A Pioneer Chinese Multinational

Yongjin Zhang
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Yongjin Zhang: University of Auckland

Chapter 5 in China#x2019;s Emerging Global Businesses, 2003, pp 125-158 from Palgrave Macmillan

Abstract: Abstract The China International Trust and Investment Corporation (CITIC) has occupied a unique place in the transnationalisation of Chinese firms. Established in July 1979 as a state-owned enterprise under the direct leadership of the State Council, CITIC has grown and expanded as China’s economic reforms proceeded to unfold. Although just over twenty years old at the time of writing, CITIC is arguably the most reputable and successful global business in China today. In 1993, the Far Eastern Economic Review (FEER) called it ‘China’s most spectacular economic success story of the past decade’ (21 January 1993: 50). The Financial Times hailed it as China’s ‘most prominent business conglomerate’ and ‘flagship of state-owned conglomerate’ (16 March 1995, 5 June 1997). In 1996, Standard and Poor’s Investor Services invoked CITIC’s ‘domestic and international expertise and name recognition’ (italics my own), among others, as its basis for a BBB long-term foreign currency rating to three Samurai bonds issued by CITIC (Reuters, 4 November 1996).

Keywords: Joint Venture; State Council; Chinese Firm; Investment Company; Overseas Investment (search for similar items in EconPapers)
Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59961-1_6

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DOI: 10.1057/9780230599611_6

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