China's sovereign wealth fund has a new head in the person of Ding Xuedong. He took over the fund with three challenges that included boosting returns, finding new capital and dealing with rivalry from the nation's foreign exchange reserves.
Last July 5, Ding's appointment was announced ending months of speculations on who would take charge at the China Investment Corp. The succession of Ding was after Lou Jiwei was named Finance Minister in new Premier Li Kegiang's government last March. Ding was the former deputy finance minister of the country and will move from the State Council where he served as deputy secretary general.
Ding was pressured to improve the fund's returns takes on added urgency. This was after the US Federal Reserve prepared to slow record monetary stimulus. The FED also proposed rising prospects for higher interest rates. Ding would also face scrutiny over his performance as the State Administration of Foreign Exchange broadened its portfolio into higher yielding assets.
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