By staff reporter Li Qing

The state-controlled fund China Investment Corporation (CIC) appointed 59-year-old Jing Liqun to serve its new supervisory chief, replacing Hu Huaibang, who recently left to serve as chairman of Bank of Communications (SHSE: 601328) upon a state order.

Jing will also become the chief supervisor of Central Huijin, an arm of the state that funnels capital to state-owned banks.

Holding a master degree in economics, Jing has extensive experience with banking policy, accrued during his work at World Bank, the Ministry of Finance, People’s Bank of China, and Asia Development Bank.

The supervisory board at CIC is responsible for overseeing the books at the company and reviewing the operational activities of the management. It can also recommend dismissal for members of management who board thinks are harmful to the company.

Established in September 2007, CIC makes equity, fixed income, as well as structured product investments worldwide.

The supervisory board consists of five members including deputy chief of the State Auditing Bureau, Ling Hu’an; the discipline secretary of China Banking Regulatory Commission, Wang Huaqing; and deputy chairman of China Securities Regulatory Commission, Fan Fuchun.