Established in 2003, it became a wholly owned subsidiary of China Investment Corporation, with its own Board of Directors and Board of Supervisors.[1] Central Huijin's principal shareholder rights are exercised on behalf of the State Council.[2] Central Huijin is an organization by which the Chinese government can act as a shareholder for the "big four" state owned banks, thereby improving corporate governance and initiating reforms of the banking industry.[3]