Li Keping to replace Gao Xiqing as CIC president – report

Born in 1953, Gao has reached China's mangatory retirement age of 60.

Li, 57 years old, joined the CIC in 2011. He also held roles as executive director and chief investment officer in the sovereign wealth fund. Previously Li served as the deputy chairman of the National Council for Social Security Fund, China's largest pension fund, where he was in charge of overseas investments.

In the middle of last year, Ding Xuedong was named chairman, succeeding Lou Jiwei as he stood down to become China's finance minister.

Before that, it appointed Li Xiaopeng, a former vice president at Industrial & Commercial Bank of China, as head of its supervisory board. He replaced Liqun Jin, who spent five years in the role.

CIC was set up in 2007 with RMB1.55 trillion ($246 billion) in special bonds issued by the Ministry of Finance, which were used to acquire approximately $200 billion of China's foreign exchange reserves.

The fund reported an annual return of 10.6% on its overseas investments in 2012, revising from 2011's loss of 4.35%. It saw a cumlative annulized return of 5.02% for 2012, up from 3.8% the previous year.

It had $575.2 billion in assets under management at the end of 2012, up from $482.2 billion previous year.

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• Topics
• Greater China
• People
• China
• CIC
• Sovereign wealth fund
• Appointments