CITIC promotes overseas expansion through Shanghai FTZ
( chinadaily.com.cn )
The CITIC Group Corporation, China's state-owned financial conglomerate, recently launched a collaboration platform at the Shanghai Pilot Free Trade Zone (FTZ) as part of its bid to promote its overseas expansion.
The aim of the move, according to an official at CITIC Group, was to echo the nation's "go global" strategy and Belt and Road Initiative, and to promote the internationalization of the company by using the FTZ's preferential policies in outbound investment.
The platform mainly comprises of subsidiary corporations with a high proportion of international business, like CITIC Dicastal Co, whose international business accounts for more than half of its overall business. Those subsidiaries will be able to publish their project information on the platform and seek out cooperation partners.
With an international vision and open attitude, the platform will lure more subsidiaries, business partners and clients of CITIC and improve the group's position in the international market.
China CITIC Bank was appointed as the chief enterprise of the platform. Hu Gang, president of the banks' Shanghai branch said the platform will strengthen the bank's cooperation with other subsidiaries of CITIC Group and help with their overseas expansion.