China CITIC Group (CITIC), China's largest comprehensive state-owned company, will work with Japan's Itochu Corporation and CP Group to expand China's domestic healthcare and health industries. Focusing on the expansion of medical needs brought about by the aging process, advanced experience will be introduced to achieve industrial upgrading. In January 2015, CITIC Group launched capital and business cooperation with ITOCHU and Chia Tai Group, and proposed a policy of jointly expanding the Asian consumer-related market.
The "Nikkei Business News" website reported on August 5 that CITIC Group Chairman Chang Zhenming, Itochu President Okada Masahiro and Chia Tai Group Chairman Xie Guomin will hold talks in August to finalize the details.
CITIC, through its CITIC Healthcare Industry Group, operates general hospitals and nursing homes, and is expanding its investment in medical and health-related industries. In addition, Chia Tai Group is also involved in the pharmaceutical business. As income levels increase, the number of patients with diabetes and other diseases in China is increasing. CITIC believes that it is necessary to introduce advanced medical technology and treatment experience from overseas areas such as Japan.
In January 2015, CITIC Group decided that its Hong Kong-listed company would receive a total of 1.2 trillion yen from Itochu and Chia Tai Group. Due to the slowdown in China's economic growth and other reasons, the specific actions of cooperation have been slow. However, CITIC Group executives said that the cooperation in talent exchange between the three companies will be smooth, and the common business will continue to be embodied in the future.
In addition, in early June 2016, CITIC's company and Itochu signed a memorandum on cooperation in oil and gas development.
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