Central huijin Investment Co., Ltd. was established in June 5438+February 65438+June 2003. It is a wholly state-owned investment holding company approved by the State Council. Its main function is to exercise the rights and obligations of investors in key financial enterprises on behalf of the state, support them to implement various reform measures, improve the corporate governance structure, ensure the safety of state capital injection and obtain a reasonable return on investment. As far as the financial institutions of Huijin Holdings are concerned, they are faced with a multi-sector supervision pattern: the central bank exercises financial stability supervision functions, the China Banking Regulatory Commission exercises administrative and capital supervision functions, the Ministry of Finance exercises financial supervision functions, and Huijin exercises shareholder supervision functions.

Under the planning of Yi Gang and Xie Ping, Central Huijin Company was given the role of financial stability policy implementation platform by the central bank at the beginning of its establishment. Every time the central bank holds a financial stability meeting, Huijin and its wholly-owned subsidiary CCB Investment will be represented, not to mention that the share reform office of the wholly state-owned commercial bank that guides Huijin's work is located in the Financial Stability Committee. At the same time, Huijin's 50 million registered capital all comes from the Ministry of Finance, but it is operated by the central bank. When it was established, it used US$ 45 billion in foreign exchange reserves to inject capital into Bank of China and China Construction Bank. In June 2004, it used RMB 3 billion to collect loans from the central bank to inject capital into Bank of Communications.

In September 2004, Xie Ping served as the director of the Financial Stability Board and the general manager of Huijin. The four months of being both a planner and an executor laid a strategic foundation for a series of actions in 2005. Since 2005, CIC Securities has also been regarded as a platform for restructuring financial enterprises by the central bank, and has reorganized eight securities companies, including Galaxy Securities, Shen Yin Wanguo and Guotai Junan. In April 2005, the situation changed. Huijin only injected US$ 654.38+05 billion into ICBC, holding 50% of the shares with the Ministry of Finance. The view of the Ministry of Finance is that the previous arrangement under "weak finance" may begin to change.

In September 2007, the Ministry of Finance issued special treasury bonds to purchase all the shares of Central Huijin from the People's Bank of China, and injected the above shares into China Investment Corporation (hereinafter referred to as "CIC") as part of its capital contribution. The important shareholder duties of Central Huijin Company shall be exercised by the State Council. Members of the Board of Directors and the Board of Supervisors of Central Huijin Company are appointed by the State Council and are responsible to the State Council.

According to the State Council's authorization, Central Huijin Company makes equity investment in key state-owned financial enterprises, and on behalf of the state, the rights and obligations of investors in key state-owned financial enterprises are limited by the amount of investment, so as to maintain and increase the value of state-owned financial assets. Central Huijin Company does not carry out any other business activities and does not interfere with the daily business activities of its state-owned key financial enterprises.

The financial institutions controlled by central huijin include China Development Bank, China Industrial and Commercial Bank, China Bank, China Construction Bank, China Everbright Bank, China Reinsurance (Group) Co., Ltd., China Yin Jian Investment Co., Ltd., China Galaxy Financial Holdings Co., Ltd., Shenyin Wanguo Securities Co., Ltd. and Guotai Junan Securities Co., Ltd.

CIC holds the equity of Central Huijin Company as required by the State Council. The investment business of CIC is strictly separated from the behavior of Central Huijin Company to exercise shareholder functions on behalf of the country.