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CITIC: A Pioneer Chinese Multinational

In: China#x2019;s Emerging Global Businesses

Author

Listed:
  • Yongjin Zhang

    (University of Auckland)

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).

Suggested Citation

  • Yongjin Zhang, 2003. "CITIC: A Pioneer Chinese Multinational," Palgrave Macmillan Books, in: China#x2019;s Emerging Global Businesses, chapter 5, pages 125-158, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59961-1_6
    DOI: 10.1057/9780230599611_6
    as

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