CITIC Group Corporation Ltd., formerly the China International Trust Investment Corporation (CITIC), is a state-owned investment company of the People's Republic of China, established by Rong Yiren in 1979 with the approval of Deng Xiaoping.[2] Its headquarters are in Chaoyang District, Beijing.[3] As of 2019, it is China's biggest state-run conglomerate[4] with one of the largest pools of foreign assets in the world.[5]