China central bank, sovereign fund to get new bosses

As Beijing's once-in-a-decade leadership transition looms, a rare reshuffle of top finance-related government jobs is set to unfold next year, including likely new heads at both the central bank and the sovereign wealth fund.

People in the financial industry expect to find more clues as to who will be put in charge of several important government bodies after the 18th National Congress of the Communist Party convenes early next month.

At that time, a new standing committee of the Politburo, the nation's highest and most powerful decision-making body, will be elected.

Once the new leadership was in place and a government was officially formed early next year, other key ministerial-level jobs would be settled quickly, government watchers said.

China Investment Corp, the mainland's US$300 billion sovereign wealth fund, is expected to get a new boss because its present chairman, Lou Jiwei, is likely to get a promotion, after successfully launching the fund about five years ago, according to people in the financial industry who have been briefed on the matter.

The sources said that Lou, 61, had now emerged as the front runner to replace Zhou Xiaochuan as the next governor of the People's Bank of China, the mainland's central bank.