The reshuffling of Central Huijin Investment Company's board of directors was approved by the State Council and Lou Jiwei will be the new board chairman, the Caijing Magazine reported Wednesday, citing people close to the matter.

According to the same sources, Huijin's new board will consist of five directors, including three executive directors – Lou Jiwei, Li Jiange and Xieping – and two independent directors – Wu Xiaoling and Jin Lianshu.

Li Jiange, former deputy director of the Development Research Center of the State Council, will be the vice board chairman. Xie Ping is the company's current general manager. Wu Xiaoling served as a vice governor of the People's Bank of China and is now a deputy director of the Financial and Economic Affairs Committee of the National People's Congress. Jin Shulian is a former official with the Ministry of Finance.

Lou, 57, is also the board chairman of China Investment Corporation (CIC), which owns Huijin.

Huijin was established on December 16, 2003 to take responsibility of capital injection to state-owned commercial banks. It developed into a representative of the state to be a majority shareholder of key state-owned financial enterprises. Huijin has injected capital into the Bank of China, China Construction Bank, Industrial and Commercial Bank of China, the Export-Import Bank of China, China Everbright Bank, China Galaxy Securities Company, Shenyin & Wanguo Securities Co. Ltd. and Guotai Jun'an Securities.

For more details, please read the full story in Chinese

(http://www.caijing.com.cn/20080716/74780.shtml)

(China.org.cn by Yan Pei, July 16, 2008)