Musical chairs for top-level PRC finance officials
11 March 2013
By Hui Ching-hoo
Changes are afoot amongst China’s top-level government financial officials following this month’s National People’s Congress drawing to a close.
China Investment Corporation (CIC) Chairman and Chief Executive Officer Lou Jiwei is set to succeed Xie Xuren as Minister of Finance, according to Beijing finance magazine Caijing. At 66, Mr. Xie has passed the compulsory retirement age of 65.
Under the leadership of Mr. Lou, the CIC has built up a solid investment track record. The sovereign wealth fund recorded annual returns of 11.7% in 2009 and 2010 respectively despite it subsequently succumbing to a loss of 4.3% in 2011 due to volatile economic conditions in the US and Europe.
The hierarchal merry-go-round will also see China Securities Regulatory Commission (CSRC) Chairman Guo Shuqing moving to head up the CIC. China Insurance Regulatory Commission (CIRC) Chairman Xiang Junbo will step up to replace Mr. Guo at the CSRC. Jiang Jianqing, chairman at the Industrial and Commercial Bank of China (ICBC), is expected to take over the helm at the CIRC, local media reports claimed.
However, to dampen speculation, CIC Executive Vice President Liang Xiang announced to local media on the sidelines of the National People’s Congress that she was unaware of any move concerning Mr. Guo.
More News >
Discuss: Musical chairs for top-level PRC finance officials