DING XUEDONG TO HEAD CHINA SOVEREIGN WEALTH FUND CIC

BEIJING – China has announced the appointment of Ding Xuedong as the new Chairman of the China Investment Corp (CIC), China’s sovereign wealth fund with assets worth US$480 billion. Ding is currently Deputy Secretary-General of the State Council and was previously Vice Finance Minister from 2008 to 2010. The position has been vacant since former Chairman, Lou Jiwei, was promoted to Finance Minister in March.