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on november 2, 2016, xinxing cathay international group co., ltd. (a fortune global 500 enterprise) and the people's government of shenzhen signed a strategic cooperation agreement in the conference room of the shenzhen municipal committee of the cpc. ma xingrui (deputy secretary of guangdong provincial cpc committee and secretary of the shenzhen municipal party committee) and xu qin (deputy secretary of the shenzhen municipal party committee and mayor) met with liu mingzhong, president and deputy party secretary of xinxing cathay international group co., ltd. both sides signed the strategic cooperation agreement between the people's government of shenzhen and xinxing cathay international group co., ltd. xinxing cathay international group co., ltd. is one of the first central state-owned enterprises to carry out reform on a trial basis. the enterprise (with help from invest shenzhen) plans to situate its international headquarters in shenzhen to benefit from the city's advantages in innovative development. the proposed international headquarters operate under the "one belt and one road" policy, play a leading role in guiding the strategic development of new material industries and are responsible for the operation and settlement of industry funds and science & technology funds. at the same time, the enterprise deploys core businesses such as those in new materials, and health and industry funds in shenzhen. production value is expected to reach 30 billion rmb in the upcoming three years.
xinxing cathay international group co., ltd. (referred to as the "group company") was formed from the previous production department, subordinate enterprises and institutions of the general logistics department of the pla and became officially under the management of the central government in 2001. the first subordinate enterprise was established in 1911 and the core subordinate enterprise xinxing ductile iron pipes co., ltd. was founded in 1971. in november 2006, the group company was listed as one of the first central enterprises to establish the board of directors on a trial basis. in july 2014, the group company was selected as one of the pilot enterprises where the board of directors exercised the powers of selecting and recruiting senior managerial personnel, performance evaluation and salary administration. in october 2015, the group company became the first central enterprise where the board of directors successfully selected the general manager in china. this marked a great step forward in reform.