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China’s CIC brings in ex-ICBC vice president as supervisory board head

28 May 2013

Li Xiaopeng CICChinese sovereign wealth fund China Investment Corporation has replaced supervisory board chairman Jin Liqun with Li Xiaopeng after five years in the role.

Li was formerly vice president at Industrial & Commercial Bank of China.

A statement from CIC commended the excellent leadership shown by Jin over his five-year tenure, including his efforts to promote international engagement.

It added that Jin had also played a central role in the sound development of the International Forum of Sovereign Wealth Funds in his capacity as chairman.

The change is the latest at the top of CIC following China’s new leadership taking control of the country in April.

Former CIC chairman Lou Jiwei left the post to become finance minister in the new Government, with Shanghai executive vice-mayor Tu Guangshao tipped to get the top job.

The fund is currently waiting on new investment and a decision on whether the country will get a second sovereign fund according to AVCJ.

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