Sovereign Fund, Policy Lender to Appoint New Executives Amid State Finance Reshuffle

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Liu Jiawang (left) and Wu Tao

Liu Jiawang, a veteran of one of China’s “Big Four” state-owned commercial banks, is set to become an executive vice president of the country’s sovereign wealth fund, according to people with knowledge of the matter.

Amid the ongoing reshuffle of senior officials in state finance, policy lender the Agricultural Development Bank of China (ADBC) is slated to add an executive from one of its peers to its leadership, sources familiar with the matter told Caixin.

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Liu Jiawang is expected to become an executive vice president of China Investment Corp (CIC), replacing the retiring Shen Rujun.
Wu Tao is set to become a vice president of the Agricultural Development Bank of China (ADBC) after joining its Communist Party committee.
CIC and ADBC are important entities in China’s financial landscape, with CIC managing $1.24 trillion in assets and ADBC holding 9.1 trillion yuan in assets as of the end of 2022.

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Who’s Who

Agricultural Development Bank of China: The Agricultural Development Bank of China (ADBC) is the second-largest of China's three policy banks by total assets, holding 9.1 trillion yuan ($1.4 trillion) as of the end of 2022. It mainly finances large projects essential for societal and economic development, even if they aren't highly profitable. Wu Tao, a former general manager at the Export-Import Bank of China, is set to become a vice president of the ADBC.

Export-Import Bank of China: The Export-Import Bank of China (Exim Bank) is one of China’s three policy banks, with total assets of 5.9 trillion yuan as of the end of 2022. It focuses on providing financial support for export and import activities, facilitating foreign trade and investment. Wu Tao, a former general manager at its Credit Review and Approval Department, is expected to become a vice president of the Agricultural Development Bank of China (ADBC).

China Investment Corp.: China Investment Corp. (CIC) is one of the world’s largest sovereign wealth funds, with $1.24 trillion in assets as of the end of 2022. Established in 2007 and wholly owned by China's State Council, CIC aims to diversify the country's foreign exchange holdings. It operates three major subsidiaries: Central Huijin Investment Ltd. (domestic arm), CIC Capital Corp., and CIC International Co. Ltd. (overseas arms).

Central Huijin Investment Ltd.: Central Huijin Investment Ltd. is the domestic investment arm of China Investment Corp. (CIC), founded to diversify the country's foreign exchange holdings. As one of CIC's three major subsidiaries, Central Huijin primarily focuses on managing capital within China. CIC, wholly owned by the State Council, had $1.24 trillion in total assets by the end of 2022.

CIC International Co. Ltd.: CIC International Co. Ltd. is one of the three major subsidiaries of China Investment Corp. (CIC). CIC is a sovereign wealth fund wholly owned by China's State Council aimed at diversifying the investment of the country's foreign exchange holdings. As of the end of 2022, CIC had $1.24 trillion in total assets.

CIC Capital Corp.: CIC Capital Corp. is one of three major subsidiaries of China Investment Corp. (CIC), which is one of the world’s largest sovereign wealth funds. CIC Capital Corp. focuses on overseas investments as part of CIC's strategy to diversify China's foreign exchange holdings.

Agricultural Bank of China Ltd.: Agricultural Bank of China Ltd. (ABC) is one of China's "Big Four" state-owned commercial banks. Liu Jiawang, currently an executive vice president at ABC, is known for his focus on inclusive finance. ABC played a significant role in making financial products and services more accessible to low-income and disadvantaged groups during Liu's tenure. Liu is transitioning to China Investment Corp. (CIC) as an executive vice president, replacing the retiring Shen Rujun.

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What Happened When

2007：: CIC was set up.

By the end of 2022：: CIC had $1.24 trillion in total assets.

By the end of 2022：: The Agricultural Development Bank of China (ADBC) had 9.1 trillion yuan in total assets, while China Development Bank had 18.2 trillion yuan, and Exim Bank had 5.9 trillion yuan.

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