CIC names new vice chairman, president: report

Li Keping, former executive vice president of CIC.

China Investment Corp (CIC), the country's major sovereign wealth fund, appointed a new vice chairman and president to replace Gao Xiqing who retired Tuesday because of age, Beijing-based Economic Observer reported Tuesday.

Gao is being replaced by Li Keping, former executive vice president of CIC, the report said.

A profile of Gao on his official website still describes him as vice chairman and president of CIC. The CIC could not be reached for comment Tuesday.

Reuters also carried a news report about this issue on Monday.

CIC, China's $575 billion sovereign wealth fund, has appointed a new vice chairman and president as the incumbent is due for retirement, Reuters reported Monday, citing two sources with knowledge of the matter.

Li, CIC's chief investment officer, will replace Gao as the fund's vice chairman and president, said the sources, who declined to be named because they are not authorized to speak to the media, Reuters' report said.

China's official retirement age is 60 for men and Gao turns 61 this year.

Li, who has an economics degree from Peking University, was previously the deputy chairman of China's largest pension fund, China's National Council for the Social Security Fund.

Created in 2007, CIC is tasked with helping China invest its $3.8 trillion-plus foreign exchange reserves, according to the Reuters report. The large size of China's national savings led the government to form other domestic funds to try to improve returns.

CIC reported an annual return of 10.6 percent in 2012, reversing 2011's loss of 4.3 percent. Its cumulative annualized return since its inception is 5 percent.