Shen Rujun, former vice president of Bank of Communications, has been appointed to lead Central Huijin Investment, the domestic arm of China’s sovereign wealth fund, China Investment Corp. (CIC).  

“With the approval of the State Council of the People's Republic of China, Mr. Shen Rujun has been appointed as Executive Director of Central Huijin. The Board of Directors of Central Huijin has appointed Mr. Shen Rujun as President of Central Huijin,” said the company in an announcement Wednesday.  

Shen, who has a doctorate from Hohai University, will also become executive vice president at China Investment Corp.  

Central Huijin is a key member of China’s so-called “National Team” – a group of state-owned institutional investors that stepped forward to support plunging stock markets in 2015 by buying up blue-chip stocks.

Related: Caixin Explains: How a Stock Market Crash Created China’s ‘National Team’