CITIC Group cracked the top 137 with USD 70.659 billion in revenue and USD 4.566 billion in profits on the latest Fortune Global 500 list on July 22, 2019. CITIC Group moves up 12 spots, with a year-over-year increase of 15.24% in revenue and 41.59% in profits. It is for the 11th consecutive year that CITIC Group makes it onto the Fortune Global 500 list.
CITIC Group was established by Rong Yiren in 1979 with the approval of Deng Xiaoping, the chief architect of China’s reform and opening-up. Since its inception, CITIC Group has been a pilot for national economic reform and an important window on China’s opening to the outside world. It has made fruitful efforts to explore and innovate for development in many fields. Over the past 40 years, CITIC Group has developed into a large state-owned multinational conglomerate with a wide range of businesses, covering finance, energy and resources, manufacturing, engineering contracting, real estate and others.
China has overtaken the U.S for the first time on the Fortune Global 500 list for 2019. Chinese companies took 129 spots while the U.S. came second with 121 American businesses. Yet, Chinese companies still lag the Fortune Global 500 in profitability. The average profit of Chinese companies on the list is USD 3.5 billion, lower than the average of USD 4.3 billion for all companies on the list. Looking ahead, Chinese companies need to ponder how they can gear up to achieve high-quality development.
As such, CITIC Group is committed to attaining high-quality growth and spares no effort to find a way to become stronger and better, and grow bigger. In August 2014, CITIC Group completed the overseas listing and furthered its internationalization by injecting its majority assets into CITIC Pacific, its Hong Kong-listed subsidiary. In August 2016, CITIC Group officially launched the “Internet Plus Transformation” strategy. It aspires to become a technology- and data-driven platform enterprise through transformation and upgrading by leveraging IoT, blockchain, big data and other Internet technologies for connection, user engagement, data generation, and business model reconstruction of its subsidiaries. In 2018, CITIC Group further announced “Coexistence and Sharing” and “Shaping a Better Future Together” as its brand proposition, advocating coordination and sharing within the Group and focusing on openness and mutual benefit in a broader community. It strives to break through business boundaries to boost customer service with continuous resource integration and industrial coordination. It is also dedicated to joining hands with other businesses for greater value creation and for more opportunities.