Senior cabinet official Ding Xuedong set to be named new head of CIC
State Council deputy set to be new chairman of China Investment Corp after months of debate
Ding Xuedong, currently deputy secretary-general of the State Council, China’s cabinet, is expected to be officially named the new CIC chairman, two sources familiar with the hiring process said. Ding, 53, is the youngest ever deputy secretary-general. He was also vice finance minister for about two years between 2008 and 2010.
“Hopefully, you will see an official announcement about this [the new CIC chairman] within just a few days,” said one of the sources.
Another source, who declined to be named due to the sensitivity of the matter, said that Ding, who has worked closely with Vice Premier Wang Yang in the cabinet, will visit CIC's head office in Beijing to meet with senior executives on Friday afternoon.
The chairman’s office at CIC has been empty for about three months since former chairman Lou Jiwei, who helped establish the CIC in 2007, was promoted to finance minister as part of the Communist Party’s once-a-decade leadership transition earlier this year.
During that changeover, Beijing’s other top finance jobs - heading up the central bank, China Development Bank and the mainland’s “big four” state-owned lenders - were all filled. But the CIC was the notable exception.