Peng and the Future of CIC

April 05, 2019 by Daniel Brett

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2019 is the Year of the Pig, which Chinese astrology associates with wealth and prosperity. However, Beijing appears apprehensive. The US-China trade dispute is hitting exports hard and changing global trade flows. In its economic development trajectory, China is maturing and this means rates of growth far lower than in previous years. The Asian behemoth can no longer bank on sustained rapid wealth creation, even in the Year of the Pig. Amid uncertainty and geopolitical tensions, the government has appointed veteran banker Peng Chun to head the China Investment Corporation (CIC). The move could herald a new era at CIC, which has previously appointed Ministry of Finance functionaries to head the sovereign wealth fund. Following two years with no chairman at the helm, the choice of Peng indicates China’s political leadership is looking to adapt the fund to a rapidly evolving and more uncertain commercial environment. CIC is…

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