New CIC Head to be appointed

By Marc Castro

Jun 28, 2013 12:10 PM EDT

According to a report of the Wall Street Journal, China may appoint Ding Xuedong to becom the head of China Investment Corporation, China's sovereign wealth fund.

Ding Xuedong is a deputy secretary general of the State Council, which is China's national cabinet. He would be succeeding Lou Jiwei, who was appointed finance minister of China, according to anonymous sources with knowledge of the matter.

The fund manages US$480 billion in assets and has been operating without a chairman since Lou was elevated to the Finance Ministry back in March. There were two candidates to become the new head of CIC, namely Shanghai Vice Mayor Tu Guanghao and People's Bank of China Deputy Governor Yi Gang. Both declined the position because of fears that they may be blamed for failed investments made under their watch. This was confirmed by a news report from the Financial Times last month that cited unidentified people.

According to a resume published by Xinhua News Agency, Ding was deputy finance minister prior to being appointed to his current position. He has a doctorate in economics from the finance ministry's research institute. 

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