Sep 02, 2024 07:04 PM
FINANCE
China’s Sovereign Wealth Fund Appoints New Vice President
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Liu Jiawang.
China Investment Corp. (CIC) has chosen a former senior official at one of China’s “Big Four” state-owned banks as its executive vice president, the world’s second-largest sovereign wealth fund by assets announced Friday.
Liu Jiawang succeeded Shen Rujun. Shen, 60, has retired, Caixin has learned from sources with knowledge of the matter.
Liu, 49, used to work for Agricultural Bank of China Ltd. (ABC). His track record includes stints heading several of the bank’s major city and provincial branches. He became an executive vice president of the bank in 2022. People from ABC described Liu as a competent, competitive workaholic.
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- China Investment Corp. (CIC) appointed Liu Jiawang as executive vice president, succeeding the retired Shen Rujun.
- Liu, aged 49, previously worked at Agricultural Bank of China Ltd., focusing on inclusive finance.
- CIC, founded in 2007, had $1.24 trillion in assets by the end of 2022, with a 10-year annualized net return of 6.43% on overseas investments.
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Who’s Who
- China Investment Corp.
- China Investment Corp. (CIC) is the world’s second-largest sovereign wealth fund, founded by the Chinese government in 2007 to diversify the country's foreign exchange holdings. As of the end of 2022, it had $1.24 trillion in assets. CIC operates through three subsidiaries: Central Huijin Investment Ltd., CIC Capital Corp., and CIC International Co. Ltd. Its 10-year annualized cumulative net return on overseas investments was 6.43% in USD terms.
- Agricultural Bank of China Ltd.
- Agricultural Bank of China Ltd. (ABC) is one of China’s "Big Four" state-owned banks. Liu Jiawang, now the executive vice president of China Investment Corp., worked there previously. At ABC, Liu held various senior roles, including heading major city and provincial branches, and he became an executive vice president in 2022. He focused on inclusive finance, aiming to make financial services more accessible to low-income and disadvantaged groups.
- Central Huijin Investment Ltd.
- Central Huijin Investment Ltd. is the domestic investment arm of China Investment Corp. (CIC). CIC was established by the Chinese government in 2007 to diversify its foreign exchange holdings. Central Huijin primarily focuses on domestic investments, whereas CIC’s other subsidiaries, CIC Capital Corp. and CIC International Co. Ltd., concentrate on overseas investments.
- CIC Capital Corp.
- CIC Capital Corp. is one of the three major subsidiaries of China Investment Corp. (CIC), founded to diversify China's foreign exchange holdings. CIC Capital focuses on overseas investments. As of the end of 2022, CIC's overseas investments had an annualized cumulative 10-year net return of 6.43% in U.S. dollar terms. For further information, you can contact reporter Qing Na at qingna@caixin.com or editor Joshua Dummer at joshuadummer@caixin.com.
- CIC International Co. Ltd.
- CIC International Co. Ltd. is one of the three major subsidiaries of China Investment Corp. (CIC). It focuses on overseas investments, contributing to CIC's portfolio diversification strategy. CIC had $1.24 trillion in total assets as of the end of 2022, with a 10-year annualized cumulative net return of 6.43% on its overseas investments.
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What Happened When
- 2022：
- Liu Jiawang became an executive vice president of Agricultural Bank of China Ltd.
- By the end of 2022：
- CIC had $1.24 trillion in total assets.
- By the end of 2022：
- The annualized cumulative 10-year net return on CIC’s overseas investments stood at 6.43% in U.S. dollar terms.
- 2024-08-30：
- China Investment Corp. announced Liu Jiawang as its executive vice president.
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