Caixin
Feb 05, 2015 05:23 PM
SOCIETY & CULTURE

Gov't Said to Name Three to Silk Road Fund Leadership Team

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Jin Qi (left), Wang Yanzhi (center) and Zhu Surong

(Beijing) – The government has apparently established a management team for a US$ 40 billion fund that President Xi Jinping wants to use to improve infrastructure and business links with some of China neighbors.

Jin Qi, 59, an assistant to the governor at the People's Bank of China, will be the Silk Road Fund's chief executive, a person with knowledge of the matter says.

Wang Yanzhi, who heads an investment unit at the State Administration of Foreign Exchange (SAFE), will be the general manager of the fund. Zhu Surong, governor of the central bank's branch in Urumqi, in the far western region of Xinjiang, will be a member of the board of directors.

In 2013, the government launched a plan it calls "one belt, one road," a reference to the New Silk Road Economic Belt, which is to link China with Europe via central and western Asia, and the 21st Century Maritime Silk Road, connecting China with Southeast Asian countries, Africa and Europe.

President Xi Jinping announced the establishment of the Silk Road Fund to provide financial support for this two-pronged plan in November. State media quoted him as saying it will fund projects related to infrastructure, natural resources, industrial and financial cooperation, and other areas. The leaders of Bangladesh, Cambodia, Laos, Mongolia, Myanmar, Pakistan and Tajikistan were present when Xi announced the launch of the fund.

The Chinese government will tap its foreign currency reserves for about 65 percent of the Silk Road Fund. China Investment Corp. and the Export-Import Bank of China will chip in 15 percent each, and China Development Bank Capital Co. will invest 5 percent.

Jin is a senior economist who worked in the central bank's foreign financial organization management department for many years. She has been an assistant to the central bank's governor since October 2010.

Wang has led SAFE Co-financing since it was established in 2012 to invest the nation's foreign exchange reserves. He was director of the central bank's anti-money laundering bureau before that.

Zhu worked as the deputy head of the central bank's state treasury bureau before taking over its branch in Urumqi. She has been working on developing Xinjiang into a regional financial center within the "belt and road" strategy.

The Silk Road Fund is one of many funds China has established of late to increase investment abroad. China is working with other BRICS nations to establish the New Development Bank, which will have its headquarters in Shanghai. It is also working to open the Asian Infrastructure Investment Bank (AIIB) to focus on infrastructure projects with neighbors.

(Rewritten by Guo Kai)

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