Unknown tipped to lead China sovereign fund

China is set to name a relatively unknown deputy secretary-general of the State Council to head the country’s sovereign wealth fund, Financial Times reported, citing sources briefed on the decision. Ding Xuedong, a member of China’s cabinet organization, has been tipped to head China Investment Corporation (CIC), which manages a US$500 billion fund. The position has been vacant for more than three months, with various candidates rumored to be in the offing during that time but who reportedly did not want the job. While Ding has not officially been confirmed, other news organizations have also reported his imminent appointment.