Beijing considers replacing CICC chairman

The Chinese government is considering replacing the chairman of China International Capital Corp, the Wall Street Journal reported. This could further entrench the investment bank’s position as China’s leading underwriter of state firms and consolidate the power of its chief executive. Li Jiange, vice president of the State Council’s Development Research Center, is being considered for the post, according to sources. No formal announcement has been made and the situation could change. Li would succeed CICC chairman Jesse Wang, who is also a vice president and chief risk officer at China Investment Corp, the country’s US$200 billion sovereign wealth fund. Li’s appointment could further boost CICC’s ability to win underwriting mandates, given his regulatory experience overseeing nearly every aspect of China’s economy.