CITIC Group (formerly China International Trust and Investment Corporation) CITIC Group, with the initiation and approval by Deng Xiaoping, chief architect of China's reform and opening - up, was established on Oct. 4, 1979 by Rong Yiren, former Vice President of PRC. CITIC is a window on China's opening to the outside world. Since its inception, CITIC has always adhered to the principle of innovation. In line with government laws, regulations and policies, CITIC has attracted and utilized foreign capital, introduced advanced technologies, and adopted advanced and scientific international practice in operation and management. In the light of the law of economy, CITIC has made explorations in many business fields with remarkable success and has achieved good economic results. By doing so, CITIC has made significant contributions to the country's reform and opening up drive and established good reputation both domestically and abroad. CITIC has grown into a large transnational conglomerate. It now owns 44 subsidiaries ( banks ) including those in Hong Kong, the United States, Canada, Australia, New Zealand. The company has also set up representative office in Tokyo, New York and Kazakhstan. CITIC's core business ranges from financial industry, industrial investment to service industries. By the end of 2008,CITIC's total assets stood at RMB 1631.6 billion with an after-tax profit of RMB 14.2 billion.