What’s new: Xi Guohua has been appointed the new Communist Party committee chief of Citic Group Corp., the state-owned financial conglomerate said Wednesday.
Xi has taken over the role from Zhu Hexin, who became the new party group chief at the State Administration of Foreign Exchange last month.
Xi’s appointment puts him on track to become chairman of Citic Group, whose total assets exceeded 10 trillion yuan ($1.5 trillion) last year.
The background: Xi was chosen as Citic Group’s president in 2020 during a leadership reshuffle.
Citic Group is one of China’s largest financial giants. It has dozens of subsidiaries, including several listed units, spread across sectors including financial services, mining and construction. It is wholly owned by, and answers directly to, the State Council, the country’s cabinet.
In 2021, Citic Group led a multibillion-dollar bailout of China Huarong Asset Management Co. Ltd., one of the country’s “Big Four” state-owned bad-debt managers.
Read more China Names New Forex Chief Amid Leadership Reshuffle at Top Financial Regulators
Contact reporter Qing Na (qingna@caixin.com) and editor Michael Bellart (michaelbellart@caixin.com)
Get our weekly free Must-Read newsletter.
