Key facts
- Wu Wei has been appointed deputy Communist Party chief of China Investment Corp.
- Wu Wei is a veteran commercial banker and former Shanghai vice mayor.
- The appointment was announced on Thursday.
- This appointment fills a key leadership vacancy at the sovereign wealth fund.
China Investment Corp. (CIC), the nation's $1.6 trillion sovereign wealth fund, has appointed Wu Wei as its deputy Communist Party chief. The announcement was made on Thursday, filling a significant leadership vacancy within the organization. Wu Wei brings a background as a veteran commercial banker and previously served as vice mayor of Shanghai. This appointment is seen as part of Beijing's broader strategy to place experienced financial executives in prominent roles within major state-owned financial institutions after they have held regional government positions.