Wealth fund head to become chairman of CICC

Jin Liqun, chairman of the supervisory board of China Investment Corp - the country's sovereign wealth fund - will step down on Friday to assume the position of chairman of China International Capital Corp on Monday, Jin told China Daily on Thursday.

He is expected to succeed 64-year-old Li Jiange, who has been CICC's chairman since 2008.

Analysts said that Jin's decision to join CICC, the country's first joint venture investment bank and a leader in the financial services sector, may require the 64-year-old finance professional to come up with new strategies to boost the bank's performance.