CIC, BOC promote key officials

Two top financial officials on the mainland have stepped down after reaching the mandatory retirement age of 60, sources and local media said yesterday.

China Investment Corp vice-president and general manager Gao Xiqing has retired, with former deputy general manager Li Keping promoted in his place, sources said.

Meanwhile, Bank of China president Li Lihui has also stepped down and is moving to a commission under the National People's Congress. Former BOC vice-president Chen Siqing, 52, succeeded Li, Caixin magazine reported on its website.

Gao, born in 1953, is widely respected for being one of the founders of the mainland's capital markets.

He helped design and launch the stock markets in 1988 after obtaining a law degree in the United States and working on Wall Street for two years.

He served in senior positions at the China Securities Regulatory Commission and the National Council for the Social Security Fund before joining the CIC in 2007.

"He is an outspoken and very capable man, with many good ideas. But many of his ideas can't be turned into realities due to systemic constraints," said an investment bank source.