China picks new head of $500B sovereign wealth fund

Jun 28, 2013, 2:28 PM EDT

China has reportedly named a former vice finance minister Ding Xuedong to head the country's $500 billion sovereign wealth fund, China Investment Corp. (CIC). The 53-year old bureaucrat, currently a vice secretary general of China's cabinet, is little known outside Chinese political circles but considered a rising star within. He succeeds Lou Jiwei who became finance minister in March, and his appointment completes the leadership transitions at Beijing's top finance jobs.