Beijing organised a special ceremony for the formal establishment of a special development of state-owned enterprises throughout the country. This fund is approved by the State Property Management Committee (SASAC) of the State Council of China, with a capital of 30 billion yuan (3.79 billion euros). The Treasury for State Enterprises was jointly formed by China Chengtong Holdings Group Ltd., and China Orient Asset Management Co., Ltd., while being run as a subsidiary of Chengtong.