1970-01-01 08:33:27
China's new sovereign wealth fund with a registered capital of US$200 billion will start operations on September 29, the China Securities News reported today.
The agency's board will comprise 11 members, including three executive directors and two independent directors, the newspaper said in a front page report, citing unidentified sources.
The chairman of the agency will be Lou Jiwei, a former deputy finance minister, and the general manager will be Gao Xiqing, vice-chairman of China's national pension fund, the report said.
The independent directors are former finance minister Liu Zhongli, and Wang Chunzheng, deputy head of the National Development and Reform Commission, China's top economic planner, the newspaper said.
China is establishing the fund in an effort to increase the investment returns on its mounting foreign exchange reserves, which reached nearly US$1.4 trillion at the end of July.
The Standing Committee of the National People's Congress in June approved the issuance of 1.55 trillion yuan (US$206 billion) in special treasury bonds to fund the new agency.
Source:Agencies