Jun 04, 2024 05:23 AM
FINANCE
Sovereign Wealth Fund CIC Names Veteran Banker as Deputy Head
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Chen Zhong
China Investment Corp. (CIC), the sovereign wealth fund that manages part of China’s $3.2 trillion foreign exchange reserves, has appointed a veteran banker and provincial industry regulator as vice president, filling a four-month vacancy.
CIC said Monday that its board has approved the appointment of Chen Zhong as vice president and chief financial officer. Chen fills the posts left by Liu Haoling, who was promoted to president and vice chairman in February.
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- China Investment Corp. (CIC) appointed Chen Zhong as vice president and CFO, filling a four-month vacancy.
- CIC manages part of China’s $3.2 trillion foreign exchange reserves with $1.24 trillion in assets as of 2022.
- Chen, who has extensive banking experience including roles at ICBC and China Life Insurance, replaces Liu Haoling who is now president and vice chairman.
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Who’s Who
- China Investment Corp. (CIC)
- China Investment Corp. (CIC) is a sovereign wealth fund managing part of China’s $3.2 trillion foreign exchange reserves. Established in 2007 and wholly owned by the State Council, CIC had $1.24 trillion in total assets at the end of 2022. The fund's annualized net return on foreign investments over the past decade was 6.43%, according to its latest financial report. CIC operates through three subsidiaries: Central Huijin Investment Ltd., CIC International Ltd., and CIC Capital Corp.
- Industrial and Commercial Bank of China (ICBC)
- Industrial and Commercial Bank of China (ICBC) is the country's largest lender by assets. Chen Zhong, the new vice president and CFO of China Investment Corp. (CIC), spent nearly 20 years at ICBC, holding various management roles such as deputy chief of the Chongqing branch and deputy head of the credit and investment department. Senior executives at CIC often have strong banking backgrounds, with connections to ICBC and Bank of Communications.
- China Life Insurance Co. Ltd.
- China Life Insurance Co. Ltd. is a notable entity where Chen Zhong served as deputy head of the investment management department starting in 2016. It plays a significant role in the insurance and investment sectors in China.
- Bank of Communications Co. Ltd.
- The Bank of Communications Co. Ltd. is mentioned in relation to senior executives at China Investment Corp. (CIC). Chairman Peng Chun was previously its chairman, and vice president Shen Rujun was its vice president. This establishes the bank as a significant institution influencing CIC's leadership.
- Central Huijin Investment Ltd.
- Central Huijin Investment Ltd. is a domestic investment vehicle and subsidiary of China Investment Corp. (CIC). It is one of three subsidiaries under CIC, alongside CIC International Ltd. and CIC Capital Corp. Central Huijin focuses on managing investments within China.
- CIC International Ltd.
- CIC International Ltd. is one of the overseas investment arms of China Investment Corp. (CIC). It helps manage part of China's $3.2 trillion foreign exchange reserves. At the end of 2022, CIC had $1.24 trillion in total assets and an annualized net return on foreign investments over the past decade of 6.43%, as reported in U.S. dollars.
- CIC Capital Corp.
- CIC Capital Corp. is one of the three subsidiaries of China Investment Corp. (CIC), alongside Central Huijin Investment Ltd. and CIC International Ltd. While the article does not provide specific details about CIC Capital Corp.'s functions, it is part of CIC's structure for managing China's $3.2 trillion foreign exchange reserves and investment activities.
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What Happened When
- 2007：
- China Investment Corp. (CIC) was established and wholly owned by the State Council.
- 2016：
- Chen Zhong was named deputy head of the investment management department of China Life Insurance Co. Ltd.
- Four years after 2016：
- Chen Zhong became vice mayor of Yulin city in northwest China’s Shaanxi province.
- End of 2022：
- CIC had $1.24 trillion in total assets and an annualized net return on foreign investments of 6.43% over the past decade, calculated in U.S. dollars.
- March 2023：
- Chen Zhong was promoted to head of the provincial government's industry and information technology department in Shaanxi province.
- February 2024：
- Liu Haoling was promoted to president and vice chairman of China Investment Corp. (CIC).
- June 3, 2024：
- The board of China Investment Corp. (CIC) approved the appointment of Chen Zhong as vice president and chief financial officer.
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