INSTRIMPEX BUILDING, NO.6 XIZHIMENWEI STREET BEIJING
China General Technology (Group) Holding Co Ltd (Genertec) is a wholly-state-owned company officially launched in March 1998 by the former Ministry of Foreign Trade and Economic Cooperation with the approval of the State Council. As the fruit of China’s strategic restructuring of state-owned foreign trade enterprises, Genertec grouped six of the ministry’s subordinate companies, including the China National Technical Import and Export Corp, China National Machinery Import and Export (Group) Corp, China National Instruments Import and Export Corp, China National Corporation for Overseas Economic Corporation, China National Medicine and Health Products Import and Export Corp and China International Advertising Corp. By merging these large state-owned companies, most of which had a history of about 50 years, and fully exploiting their resources advantages, Genertec becomes a large-scale, specialized, intensive and integrated business with dramatically improved market competitiveness, anti-risk capability and comprehensive profitability. In the last 5 years, Genertec witnessed a stable growth in its core business of foreign trade. Its annual import and export volume stayed at a comparatively high level of around US$7 billion, which secured a place for the company in the top 10 of China’s 500 largest foreign traders. The company boasts outstanding business performances. The value-keeping and appreciation rate of the state assets held by the company has been over 108% annually on average and reached 112.9% in 2002. Genertec’s total assets reached 18.7 billion yuan at the end of 2002. The value of the company’s net assets at home and abroad increased by 57%, and its assets and liabilities ratio went down by 12%. Meanwhile, the company has stepped into new business areas. Through strategic investment and mergers and acquisitions, it has built an initial development platform for the research, manufacturing and trade of medical products. The company also has made remarkable achievements in financial services and real estate development.