FINANCE

China’s Sovereign Fund Names Former Shanghai Official Wu Wei as President

Published: Aug. 21, 2026 6:13 p.m. GMT+8

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Wu Wei. Photo: VCG

China Investment Corp. (CIC) has named Wu Wei as its vice chairman and president, filling a four-month leadership vacancy at the sovereign wealth fund.

The appointment, announced Friday following State Council and board approval, completes the core management team of one of the world’s largest sovereign funds.

The move follows Wu’s July appointment as deputy chief of CIC’s Communist Party committee.

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Wu Wei appointed CIC vice chairman and president, ending a four-month vacancy.
He replaces Liu Haoling and brings experience from Bank of Communications and local government roles.
CIC reported a 6.92% annualized net return for the 10 years ended 2024.

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Who’s Who

China Investment Corp.: China Investment Corp. (CIC) named Wu Wei as vice chairman and president, filling a four-month leadership vacancy. Established in 2007, the sovereign wealth fund manages a global portfolio and holds controlling stakes in major state-owned financial institutions. It reported an annualized net return of 6.92% for the 10 years ended 2024.

Bank of Communications Co. Ltd.: Bank of Communications Co. Ltd. (交通银行) is one of China's "Big Six" state-owned banks. The bank was the early career home of Wu Wei, CIC's new vice chairman and president, where he rose to become executive vice president and chief financial officer.

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