China's first state-owned financial holding company, China International Trust and Investment Corporation (CITIC) Holdings, was established in Beijing Thursday.
CITIC Holdings is solely funded by the CITIC Group and is responsible for managing the group's financial business at home and abroad, said Wang Jun, chairman of the CITIC Holdings board of directors.
Wang said CITIC Holdings will provide a comprehensive financial service covering bank management, securities, insurance, trust, asset management, futures, leasing, investment funding, and credit cards.
CITIC Holdings will also install a perfected risk control system, said Wang, and build up a unified financial network to develop and sell their financial products.
Trusted by the CITIC Group, the CITIC Holdings will exercise share-holder's rights in CITIC Group's seven financial companies, including CITIC Bank and CITIC International Financial Holdings in Hong Kong, Wang said.
(Xinhua News Agency December 5, 2002)
