CNPC's Chairman and the Governor of the China Development Bank are both set to move into new roles.
Two of China’s most senior executives will leave their current positions this year, moving into more diverse roles. Jiang Jiemin, Chairman of China National Petroleum Group (CNPC will move from the oil giant to head China’s State-owned Assets Supervision and Administration Commission (SASAC). Chen Yuan, governor of the China Development Bank, will also leave his post to take a lead role in the establishment of a BRICS Development Bank.
With the exception of a four-year stint as vice-governor of Qinghai province, Jiang (58 has worked in China’s oil industry since 1972, becoming chairman of CNPC in 2011. During his tenure as company chairman, Jiang has seen overseas oil and gas output rocket to 100 million metric tons, accounting for about 39% of CNPC’s total revenues. His new role at the SASAC, will be to supervise over 70trn yuan ($11.26trn) of non-financial state assets.
Chen, 68, joined the CDB in 1998 and has been responsible for much of China’s development financing policy, including the nation’s numerous oil-for-loans schemes. The scope of his contributions through the CDB both at home and abroad is noteworthy.
During his time as governor, Chen pulled the banks non-performing loans ration down from 30% to less than 2% and helped lift many of China’s poorest provinces out of poverty. However, some now feel the bank’s financing strategies are risky and outdated.
Chen, whose father Chen Yun was also a banker and one of the “Eight Immortals” founding members of the CPC, hopes to continue his work in development at the soon-to-be-formed BRICS development bank.
Although the two men’s replacements, Zhou Jiping and Hu Huaibang, are conservative choices, the movement in leadership may signal the new government’s desire for overall change.