CITIC Group Corporation, formerly known as the China International Trust and Investment Corporation, is a premier state-owned investment and financial conglomerate headquartered in Beijing, China. Founded originally in 1979 by Rong Yiren with the express endorsement of leader Deng Xiaoping, its initial mandate was to pioneer the introduction and utilization of foreign capital and advanced international management practices into China's developing economy. Over the decades, it has expanded into one of the largest state-run conglomerates globally, overseeing dozens of major subsidiaries operating across diverse sectors including commercial banking, insurance, heavy industry, real estate, telecommunications, and raw material extraction.