China's CIC appoints two new advisors
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China Investment Corporation (CIC), the country's sovereign wealth fund, has appointed Morgan Stanley's chairman John Mack and former CEO of the Hong Kong Monetary Authority Joseph Yam as members of its international advisory council, the 21st Century Business Herald reported.
Meanwhile, Arminio Fraga, former president of Brazil's central bank, and Lawrence Lau, the president of the Chinese University of Hong Kong, resigned from the advisory council, the CIC said in the statement.
Other members of CIC's international advisors include former World Bank chief economist Nicholas Stern, former World Bank president James Wolfensohn and the Tokyo Stock Exchange's board chairman Taizo Nishimuro.
Set up in 2009, CIC's international advisory council consists of 14 exports. Members of the council meet annually and provide consultation on issues including macro-economic environment, corporate governance, development strategies and investment policies.
China's business press carried the story above on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.
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