CIC’s Lou May Become China’s Next Finance Minister, Reuters Says
The chairman of Chinese sovereign wealth fund China Investment Corp. (CHIVCZ) is the leading candidate to become the next finance minister as the Communist Party begins a leadership transition this year, Reuters reported today.
Lou Jiwei will replace Xie Xuren, Reuters said, citing two people it did not identify. The timing for Lou’s possible move to the finance ministry was unknown, it said.
The Communist Party begins its transition to new leadership this year, with top leaders including President Hu Jintao and Premier Wen Jiabao making way for the younger generation. China replaced its banking and securities regulators in October, the biggest reshuffle of financial officials in a decade.
Calls to the Ministry of Finance’s press department and CIC’s press office today seeking comment weren’t immediately answered.
CIC’s Lou deployed almost all the fund’s cash in 2010 as an improving world economy prompted a 10 percent gain in the MSCI World Index. Net income rose 24 percent while the Beijing-based fund posted an 11.7 percent return on its overseas investments, according to its July annual report.
CIC was set up in 2007 with an initial $200 billion of capital from the finance ministry.
To contact Bloomberg News staff for this story: John Liu in Beijing at jliu42@bloomberg.net
To contact the editor responsible for this story: John Liu at jliu42@bloomberg.net
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