Maybe this is the reasonChina Wealth Fund to Get New Chief
China's top leaders are expected to name a senior government official with a deep finance background as head of its sovereign-wealth fund, China Investment Corp.
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BEIJING—China's top leaders are expected to name a senior government official with a deep finance background as head of its sovereign-wealth fund, according to people with knowledge of the matter.
Ding Xuedong, a deputy secretary-general of China's cabinet, the State Council, is likely to become chairman of China Investment Corp., the people said. He would succeed
Lou Jiwei, who left CIC early this year to head the country's Ministry of Finance.
Mr. Ding's appointment is expected to be announced in the coming days, the people said, though China's political system is opaque and changes can be made at the last minute.
The move would mark the latest reshuffle of key government and corporate posts as part of the current once-in-a-decade leadership transition.
Ranked as the fifth-largest sovereign fund in the world,
CIC was formed in 2007 to help diversify China's vast foreign-exchange stockpile from low-yielding U.S. Treasury bonds. As of the end of last year, the fund had nearly $500 billion of assets under management.
Mr. Ding, 53 years old, had served as China's vice finance minister before being named as a deputy secretary-general of the State Council.