THE State Council has appointed Mr Wei Mingyi chairman of the China International Trust and Investment Corp (CITIC), replacing Mr Rong Yiren, who has been named China's Vice-President. Mr Wei, 69, was formerly deputy chairman and general manager of CITIC. Mr Rong recommended Mr Wei for the post. The son of the late vice-president Wang Zhen, Mr Wang Jun, 52, was named CITIC's general manager. He was formerly CITIC executive vice-president. Mr Wei has served in various posts in the Ministry of Electronics Industry. Mr Rong, a millionaire capitalist who cuts a dash in China's leadership line-up with his silver hair and tailored business suits, was elected Vice-President by the National People's Congress last month. He helped found CITIC in 1979 in the first wave of senior leader Deng Xiaoping's economic reforms and built it into an international conglomerate with banks, companies and a plethora of holdings in China, Hongkong, the United States and Europe. Mr Rong, 76, resigned from CITIC to avoid a conflict of interest with his state position. Mr Wei joined CITIC in 1986.
