China Central Huijin Investment Corp, the subsidiary of the nation's sovereign wealth fund, formed a new board of directors on Friday, appointing Lou Jiwei, former finance vice-minister, as its chairman.

Central Huijin was established in 2003 to recapitalize State-owned commercial banks. It became a wholly owned subsidiary of China Investment Corp (CIC), the $200 billion sovereign wealth fund, last year. Lou, 57, is also chairman of CIC and oversaw the fund's high-profile investments in US private equity firm BlackStone.

(China Daily July 19, 2008)