Chen Yuan,
governor of the state-owned China Development Bank and the son of late
Communist Party elder Chen Yun, is set to lead China's role in the
establishment of the BRICS Development Bank, reports our Chinese-language
sister paper Want Daily.
According
to various internal sources at CDB, one of China's three policy-making banks,
the 68-year-old Chen will resign from his role as bank governor to devote
himself to setting up the BRICS Development Bank, agreed upon by the leaders of
Brazil, Russia, India, China and South Africa their summit in Durban, South
Africa in March. Hu Huaibang, the 57-year-old chairman of Bank of
Communications, has been widely tipped as a candidate to take over Chen's role.
Chen
graduated with a master's degree in industrial economics from the graduate
school of the Chinese Academy of Social Sciences, and despite his low-key
personality he is regarded as a strong choice to help China achieve its
objectives with the BRICS Development Bank. He was in the first group of research
students during the early years of the reform and opening up policy and he has
been credited with creating the blueprint for Beijing's financial sector.
Formerly
the executive deputy governor of the People's Bank of China, the nation's
central bank, Chen was parachuted into the role of governor at China
Development Bank in 1998, when poor management and a corrupt banking culture
had brought the bank to the brink of collapse with more than 30% of its assets
tied up in bad debt.
Chen has
since re-established the foundations of the bank and instituted landmark
reforms in the loan approval process, reducing bad debts and returning the bank
to profitability.
As at the
end of 2012, the bank's total assets reached 7.37 trillion yuan (US$1.2
trillion), with a nonperforming loan ratio of just 0.3%.
References:
Chen Yuan 陳元
Chen Yun 陳雲
Hu Haibang 胡懷邦
Related Articles:
BRICS Wrangle Over New Development Bank
I'm a Peace Lover, Are You? China Minister Asks CNBC (+Video) - New
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.