WITIC

Wuhan International Trust and Investment Corporation (WITIC; 武汉国际信托投资公司) was set up in the 1980s by the Chinese government to function as the largest investment bank in Central China.

Location

Strategically located in Wuhan, the largest city in Central China and the fifth largest in China, WITIC's main goal was to attract foreign investments for the heavily industrial cities in the area. With much autonomy, but still under the supervision of the China International Trust and Investment Corporation in Beijing (CITIC), WITIC brought major foreign investments to Wuhan Iron and Steel Corp and Dongfeng Motor Corporation. WITIC survived the crash of Guangdong International Trust and Investment Corp. (GITIC) in 1998 [1] and severe liquidity problem that followed, which bankrupted most of the ITICs in China. However, in the light of the more decentralized approach by the Chinese government, WITIC has in recent years broken up into several companies that specialize in brokerage, investment, and accounting.

References

  1. ↑ Archived October 11, 2008 at the Wayback Machine
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