China has appointed Zhang Qingsong, deputy governor of the central bank, as the new chairman of China Investment Corporation (CIC), a US$1.33 trillion sovereign wealth fund.
He takes over from Peng Chun, who has chaired CIC since April 2022.
China’s State Council, the nation’s chief administrative authority, announced the appointment on its website on November 26 without saying why Peng was replaced.
CIC issued a statement on the same day saying that under Peng, the wealth fund “steadfastly pursued China’s unique path of financial development and actively contributed to the building of a nation with a strong financial sector”.
Zhang has more than three decades of banking experience and has held a number of other senior roles, including president of the Export-Import Bank of China, and Bank of China.