CIC names Qi Bin as deputy general manager
Posted on 04 August, 2016 by Nicole Idar Lee, reporter
China’s sovereign wealth fund has tapped Qi Bin, who spent 16 years at the China Securities Regulatory Commission and is credited with liberalising Chinese stock markets.
China Investment Corporation, the sovereign wealth fund of China, has named veteran securities regulator Qi Bin as its new deputy general manager, Caixin reported today.
Qi is taking up his new role at a time when CIC – and many of the world’s biggest sovereign wealth funds – are struggling to maintain strong returns amid a weak global economy. CIC’s overseas investments lost almost 3% of their value in the year to 2015, its first such loss in four years, CIC said in its annual report published in July.
Qi started at CIC on 3 August, Caixin said, citing sources familiar with the matter, since CIC had not yet announced Qi’s move. Qi’s appointment is not the first CIC has made this summer: in June the fund tapped the vice-mayor of Shanghai, Tu Guangshao, for the role of president to replace Li Keping, who is retiring.
Qi, 48, spent 16 years at the China Securities Regulatory Commission, most recently as head of the CSRC’s Department of International Affairs.
In his role as regulator he worked to liberalise Chinese stock markets, advocating for the Shanghai-Hong Kong Stock Connect – an investment link between the stock exchanges in both cities, launched in 2014 – which enabled foreign investors to purchase Shanghai-listed stocks through Hong Kong brokerages, as well as the reverse.
Qi, a 1991 graduate of Tsinghua University in Beijing, has also studied and worked abroad. He holds a master’s degree in biophysics from Rochester University and an MBA from Chicago University, as well as a PhD in quantitative economics from Tsinghua University. While overseas, he worked for a time for Goldman Sachs Asset Management.
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