People familiar with the matter said that Peng Chun, chairman of the Bank of Communications, will be the chairman of China Investment Corporation to end the two -year chairman's position vacancies of the sovereign wealth fund. < /p>

China Sovereign Fund has selected a top bank executive and civil servant as chairman, ending two years of vacancies.

According to several people familiar with the matter, Peng Chun, chairman of the Bank of Communications, one of the largest banks in China, will soon join China Investment Corp (CIC).

When Peng Chun was appointed, the China investment with approximately 940 billion U.S. dollars was in a difficult period.As its funds weakened, the fund has lost its influence in recent years.Because the mission of China Investment is to invest in overseas China, it has never been regarded as a springboard that has been promoted in China.

CIC is marginalized in the country.Relatively speaking, its capital scale is no longer so large.Professor Chen Zhiwu, the director of the University of Hong Kong, said the director of the Asia Global Institute and a member of the former China Investment Consultant Committee.Only overseas private equity and hedge funds are closely concerned.

In addition to working at the Bank of Communications for 5 years, Peng Chun also worked at Central Huijin Investment at the Central Huijin Investment Co., Ltd., which is responsible for managing China's foreign exchange reserves and is closely related to this sovereign wealth fund.

A former executive of CIC said that Peng Chun is a senior cadre who is completely familiar with China Investment Culture.Peng Chun won a down -to -earth and pragmatic reputation during the work of the Bank of Communications.

The executive also said that the CIC founded in 2007 has been hindered by consensus -driven style, which means that it may invest in the level of unlimited valuation, such as acquiring Blackstone, Morgan StanThe shares of Morgan Stanley and the commodity dealer NOBLE Group.

Some investment decisions of China Investment, such as Blackstone, who invested in US private equity companies, also attracted widespread criticism on social media.

The fund did not immediately respond to the comment request.

According to data from the Sovereign Wealth Center, at the end of 2017, CIC invested nearly 40%of its funds in alternative assets and 44%invested in public listing stocks.

CIC has not obtained any cash injection from the People's Bank of China (PEOPLERSQUO; SBANK of China) for many years, which is different from the initial model after the establishment of the 2007th China Investment in 2007.The pre -investment executive added that since the collapse of the Chinese stock market in 2015, the Central Bank of China has become more cautious in investing in Chinese foreign exchange reserves.

Since its establishment, CIC has been striving to depict itself as a pure financial investor without any strategic or political agenda.This effort did not avoid some of the proposed transactions rejected by regulatory agencies in the United States and other countries, even before the relationship between the economic superpower worsening was the same.

Peng Chun replaced Ding Xuedong, who was resigned in 2017 as chairman of CIC.At present, some analysts have suggested that China Investment should assume a clearer political mission, and more participate in the Belt and Road Initiative of China.

Ju Weimin will replace Tu Guangshao as the general manager of CIC.

Translator/He Li