Sovereign wealth fund China Investment Corporation (CIC) has named deputy secretary-general Ding Xuedong as its new chairman.
Beijing-headquartered CIC was established in September 2007 with the issuance of special bonds worth RMB1.55tn by the Ministry of Finance. These were used to acquire approximately $200bn of China’s foreign exchange reserves and formed the foundation of its registered capital. It now has over $482bn in capital under management.
Xuedong previously held several positions in the Ministry of Finance, including Vice Minister, Assistant Minister, Director General of the Department of Education, Science and Culture, Director General of the Department of Agriculture, Director General of the Department of State-owned Capital Administration.
The fund is currently waiting on new investment and a decision on whether the country will get a second sovereign fund
In May CIC replaced supervisory board chairman Jin Liqun with Li Xiaopeng after five years in the role.
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