Who Supervises CITIC Group?

State-owned CITIC Group is one of China's largest investment companies. It is supposedly supervised by the State Council, China's cabinet. But who specifically supervises it? It's not clear. It is like CITIC is a free agent building spiral business empire of numerous financial subsidiaries and non-financial subsidiaries, a very inefficient one at that. The current expected huge loss of HK$15 billion by its Hong Kong subsidiary CITIC Pacific is an example of loose management.

I think it's time to split CITIC Group into two companies, a financial one and a non-financial one. The financial part company should be put under the sovereign wealth fund China Investment Corp. and the non-financial company should be supervised by the State-owned Assets Supervision and Administration Commission.
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