FINANCE

Former Shanghai Vice Mayor Wu Wei Named CIC Deputy Party Chief

Published: Jul. 24, 2026 3:45 a.m. GMT+8

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Wu Wei. Photo: VCG

China Investment Corp. (CIC) has named Wu Wei, a veteran commercial banker and local government official, as its deputy Communist Party chief.

The appointment, announced Thursday, fills a key leadership vacancy at China’s $1.6 trillion sovereign wealth fund after a series of senior personnel changes.

The reshuffle underscores Beijing’s ongoing strategy of rotating seasoned financial executives through regional government roles to groom them for top positions at major state-owned financial institutions.

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Wu Wei appointed CIC deputy Party chief; ex-Bank of Communications CFO, Shanxi vice governor, Shanghai vice mayor.
CIC had $1.57 trillion assets, $140.6 billion net profit in 2024, 10-year annualized overseas return 6.92%.
Appointment follows transition with Zhang Qingsong chairman since November 2024.

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Who’s Who

China Investment Corporation: China Investment Corporation (CIC) is China’s $1.6 trillion sovereign wealth fund. It recently appointed Wu Wei as deputy party chief, while Zhang Qingsong took over as chairman in November 2024. The fund reported a $140.6 billion net profit for the year.

Bank of Communications Co., Ltd.: According to the article, Bank of Communications Co., Ltd. employed Wu Wei for over two decades, where he rose to chief financial officer and executive vice president before transitioning to regional government roles.

People's Insurance Company (Group) of China Ltd.: According to the article, Tan Jiong, a former policy banker and provincial official, was named party chief of the People's Insurance Company (Group) of China Ltd. on the same day as Wu Wei's CIC appointment.

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What Happened When

1969：: Wu Wei was born.

Before 2019：: Wu Wei spent more than two decades at Bank of Communications Co. Ltd., rising to become chief financial officer and executive vice president.

2019：: Wu Wei transitioned into regional governance, serving as vice governor of Shanxi province, overseeing the local financial commission. Around the same time, several other financial cadres were parachuted into provincial roles.

2024：: Wu Wei was transferred to Shanghai to serve as the financial hub's vice mayor.

November 2024：: Former central bank deputy governor Zhang Qingsong took over as chairman and party chief of CIC.

End of 2025：: CIC managed $1.57 trillion in total assets and reported a net profit of $140.6 billion for the year, a 30% increase from 2024.

April 2026：: Liu Haoling moved from CIC to the China Securities Regulatory Commission, marking the first direct transfer of a senior CIC executive to the regulator's top ranks.

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