CIC Announces Appointment of Shanghai Vice Mayor as President

(Beijing) - The vice mayor of Shanghai, Tu Guangshao, has taken on the reins of China's sovereign wealth fund, China Investment Corporation (CIC), after its president Li Keping retired.

The appointment was announced during a CIC meeting on June 28, a person who was present at the session said.

Tu, 57, had previously served in several government bodies overseeing the financial sector including the central bank and the stock market regulator, China Securities Regulatory Commission.