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Who is the new boss of China’s US$941 billion sovereign wealth fund?

  • Peng Chun, the chairman of Bank of Communications, will leave the bank to become the new chairman of China Investment Corporation

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China has found a new boss for the country’s US$941 billion sovereign wealth fund, after a two-year search for the very man to head the company.

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Peng Chun, the 57-year-old chairman for Bank of Communications, will leave the bank to become the new chairman of China Investment Corporation (CIC), according to people familiar with the fund’s internal announcement. Caixin Media had reported the news earlier.

Ju Weimin, currently deputy general manager for CIC, will replace Tu Guangshao as the general manager. Tu, 60, will retire from the post, according to the announcement.

Peng will be the third chairman since CIC was founded in 2007, after Lou Jiwei and Ding Xuedong, who headed the fund for six years and four years, respectively.

Peng Chun (left), executive director and vice-president of Bank of Communications, during the launch of renminbi-denominated bonds in Hong Kong on July 16, 2008. Photo: Handout
Peng Chun (left), executive director and vice-president of Bank of Communications, during the launch of renminbi-denominated bonds in Hong Kong on July 16, 2008. Photo: Handout
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Lou left CIC in 2013 to become China’s finance minister, while Ding left in 2017 for the State Council, serving as the deputy secretary general.

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