China Baowu Steel Group Corporation, headquartered in Shanghai, is an important state-owned backbone enterprise directly administrated by the central government. In 2020, China Baowu was included into the central enterprises by the State-owned Assets Supervision and Administration Commission of the State Council to establish a world-class model enterprise. In June 2022, China Baowu officially transformed into a state-owned capital investment company. Baowu is the world's largest steel enterprise, ranking 44th among the Fortune Global 500 in the world. In 2022, China Baowu produced 132 million tons of steel and registered a total operating income of RMB1.16 trillion. The three major international rating agencies continue to grant China Baowu the highest credit rating among global comprehensive iron and steel enterprises.