China Merchants Group

China Merchants Group (CMG) is one of China’s centrally administrated state-owned enterprises and a key section of the backbone of the national economy. Founded and headquartered in Hong Kong, it was one of the earliest Chinese-funded enterprises to operate there. CMG is a century-old comprehensive and Hong Kong-based central enterprise.

CMG was a pioneer of China’s national industry and commerce. The group was established in 1872 during the Westernization Movement (1860s to 1890s) and celebrated its 150th anniversary in 2022. China’s first joint-stock company in the modern era, CMG organized contemporary China’s first merchant fleet and opened the first domestic bank, insurance company and other entities, leading China’s national shipping industry into modern times, in turn promoting the development of many other modern industries. CMG played an essential role in China’s modern history of economy and social development.

CMG has been devoted to reform and opening up since 1978. In 1979, CMG used independent investment to begin developing the Shekou Industrial Zone, the first industrial zone in China open to the world, which left a far-reaching impact. CMG introduced the slogan “Time is money, efficiency is life,” which became a ubiquitous quote in that special time. The institution also popularized the slogan “Empty talk harms the country while solid work makes it flourish”, and founded China Merchants Bank (CMB), China’s first joint-stock commercial bank wholly owned by a corporate entity. These were invaluable experiences amid China’s exploration of reform and opening up.

In 2022, CMG’s major indicators grew steadily, with annual operating revenue reaching 959.01 billion yuan, up by 3.2% year on year. Total profits were 219.28 billion yuan, up 3.3% year on year; net profits were 179.61 billion yuan, up 5.9% year on year; and total assets were 12.4 trillion yuan, up 8.1% year on year.

CMG has engineered a wide range of business operations to contribute to the steady growth of the macroeconomy. The last decade brought a 33-fold increase in CMG’s total assets, with the compound growth rates of its operating revenue, total profits and net profits reaching 31%, 24% and 24%, respectively.

For 18 consecutive years, CMG has received a grade “A” in its business performance assessment by the State-owned Assets Supervision and Administration Commission of the State Council and has been honored as an “Outstanding Enterprise” for six consecutive terms.

In 2022, CMG officially transformed from a pilot State Capital Investment Corporation (SCIC) to an SCIC. Two companies under CMG are on the Fortune Global 500 list, and CMG and CMB have continued to rise in the rankings.

CMG is a comprehensive enterprise with diverse business operations. Currently, its primary focuses are on transportation and logistics, comprehensive finance, comprehensive development of cities and parks. In recent years, its operation has been extended to emerging sectors such as big health and testing services.

The year 2023 is the first of fully implementing the guiding principles set by the 20th National Congress of the Communist Party of China (CPC), making it a turning point of CMG’s journey in the next century. The year 2023 will be essential to solidify previous work and pave a path to completion of the following goals as part of implementing the 14th Five-Year Plan.

Under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, CMG will steadfastly implement the guiding principles set by the 20th CPC National Congress and the plans set by the Central Conference on Economic Work as well as further instructions provided by President Xi Jinping.

CMG will adhere to the general guideline of securing progress while maintaining stability, applying the new development philosophy fully, and working to accelerate formation of a new pattern of development, better coordinating both development and security and balancing short-term and long-term goals.

CMG seeks to enhance the guidance of the CPC, deepen reform and innovation, and improve its core competitiveness. It is striving to promote high-quality development, accelerate efforts to become a world-class enterprise, and shoulder the great responsibilities of promoting overall economic recovery and securing marked improvements in growth quality alongside quantity to make solid progress in Chinese modernization.