Thirty Years of Turbulence - Chinese Enterprises

作者：admin  点击次数：60  发布时间：2025-08-17

If we were to discuss it at the political level, Rong Yiren would definitely not have any advantage, let alone the entire climate at that time, which was not conducive to his proposal. Fortunately, with his deep network, he quickly sought the support of the main leaders, and the State Council approved CITIC's issuance of 10 billion yuan private equity bonds in Japan.

Rong Yiren worked tirelessly for over six months to complete all the preliminary work. It is not an exaggeration to say that his personal credit and political identity became the most important guarantee for this fundraising. In January 1982, CITIC bonds were successfully issued, and 30 financial institutions in Japan subscribed to this bond with a term of 12 years and an annual interest rate of 8.7%. Three years later, the first phase of Yizheng Chemical Fiber project was completed and put into operation. The approach of CITIC is known as the "Yizheng mode", and after this battle, Rong Yiren and CITIC finally found their feelings. Capital has returned, "Rong Yiren later summed up to American journalists.

While issuing bonds to the outside world, CITIC boldly expanded its leasing business. In 1981, CITIC, Beijing Electromechanical Company, and a Japanese company jointly established a leasing company to lease 200 cars each from Japan for two taxi companies in Beijing, "Beijing" and "Capital". CITIC helped the taxi company solve foreign exchange problems, while the car company paid in RMB. Although this plan was initially criticized by some as a disguised import, in less than two years, the cars rented by the two rental companies earned back all the funds paid. Since then, leasing business has been widely promoted in CITIC and even developed into an important business system. The system includes China International Leasing Co., Ltd., China Eastern Leasing Co., Ltd., which operates in cooperation with foreign capital, and the leasing department of CITIC Industrial Bank.