New CIC chairman to face pressure

The new head of china’s sovereign wealth fund is expected to face greater challenges in generating profit than his predecessor, South China Morning Post reported. Ding Xuedong, appointed chairman of China Investment Corporation late last week, will need to boost returns on international investments, an area in which CIC reported a 4.3% loss in 2011. But countries such as the US will not welcome the Communist party-appointed fund with open arms, and CIC is expected to receive greater scrutiny when investing abroad. Filling the role has been difficult since former Chairman Lou Jiwei stepped down in March. Several high profile officials turned down the position before Ding, a relatively unknown name, took the role.