Bloomberg News

China May Name Ding Xuedong to Head Sovereign Fund CIC, WSJ Says

June 28, 2013

Former China Vice Finance Minister Ding Xuedong

Ding Xuedong, China's former vice minister of finance. Photographer: Nelson Ching/Bloomberg

China may pick Ding Xuedong, a deputy secretary-general of the State Council, the nation’s cabinet, to head its sovereign wealth fund, the Wall Street Journal reported today, citing unidentified people.

Top leaders are expected to name Ding to succeed Lou Jiwei, who’s now finance minister, as chairman of Beijing-based China Investment Corp., the newspaper reported, citing people with knowledge of the matter.

The fund with more than $480 billion in assets hasn’t had a new chairman since Lou was appointed finance minister in March. Two candidates -- Shanghai Vice Mayor Tu Guangshao and People’s Bank of China Deputy Governor Yi Gang -- declined the position because of concerns they may be blamed for investments that end up poorly, the Financial Times reported last month, citing unidentified people.

Ding, 53, was a deputy finance minister when he was appointed to his current job three years ago after more than 10 years at the ministry, according to a resume published by Xinhua News Agency. He holds a doctorate in economics from the finance ministry’s research institute, according to Xinhua.

An e-mail sent to CIC’s Beijing-based press office wasn’t immediately answered.

To contact the Bloomberg News staff on this story: Zhang Dingmin in Beijing at dzhang14@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net


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