State Development & Investment Corporation (SDIC), the largest state-owned investment holding company in China, has announced the appointment of Fu Gangfeng as its new chairman.
Fu was transferred to the Beijing-based SDIC having served as president of Chinese state giant Cosco Shipping, a position he has held since September 2019.
Prior to joining Cosco Shipping, he served as president of China Merchants Group in 2018. Fu also held various top roles at China Merchants, including chief financial officer of the group, chairman and executive director of China Merchants Port Holdings and vice chairman of China Merchants Bank.
Established in 1995, SDIC’s industrial investment mainly goes to power generation, coal mining, ports, and shipping as well as other infrastructure or resource-oriented fields.
In related news, Cosco Shipping Development, the financing arm of Cosco Shipping, appointed Liu Chong as its new chairman, replacing Wang Daxiong, who has retired.
