Word: citicized
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...achieve the union of the two systems, Rong assembled an executive staff of former businessmen and talented young technocrats. "We study the market before we pick a project," says Jin Xuping, 67, one of CITIC'S two executive directors. Jin learned capitalist methods before 1949 while working in a family-owned group of insurance, oil and tobacco companies. Sent to the countryside during the Cultural Revolution, he grew vegetables and endured endless hours of political harangue...
After it was created in 1979, CITIC promptly set out to find new ways of doing business in China. Instead of investing only in projects that were part of Peking's Five-Year Plan, the innovative agency roamed the country in search of profitable opportunities wherever they might be found. Noting a growing demand for beer, CITIC created a $30 million joint venture with Japan's Suntory to expand production. The initial results were so encouraging that output will be doubled during the next two years...
...CITIC has the freedom to participate in a bewildering range of projects with foreign firms. It is currently developing packaged food products with Beatrice, the U.S. conglomerate, and selling helicopters for United Technologies through a CITIC subsidiary. Among other ventures, CITIC is financing textile mills, chemical plants and machinery production. It is also a major real estate developer. The firm's 29-story headquarters, which opened last summer, towers above the Peking skyline. The building, though, will no longer be the capital's tallest once work is completed on a 50-story apartment complex that CITIC is financing...
...raise funds for many of its ventures, CITIC often turns to foreign capital markets. It has already sold bonds in Hong Kong, Japan and West Germany. China is, however, still locked out of American capital markets because it stopped paying interest on an issue of railroad bonds in the 1930s...
...Last May CITIC opened a four-member office in Manhattan's World Trade Center to deal directly with U.S. banks and corporations. Headed by Ding Chen, 56, a Harvard-trained economist, the facility hums with activity. Awed moneymen quickly dubbed Ding "Dr. Go" for his tireless jaunts around the country to acquaint firms with Chinese investment opportunities. At one Washington gathering, CITIC lined up $60 million of new business. In his talks, Ding is careful to soothe any fears about China's future. Says he: "China's open-door policy is not a transient expedient. It will not be changed...