The Export-Import Bank of China – a key state-owned policy bank – has appointed a new president to fill a post that has been vacant since September last year.
Pending regulatory approval, Wu Fulin will join from Bank of China where he was an executive vice president, according to a «Caixin» report (behind paywall) citing sources familiar with the matter. Previously, Wu, 56, also worked with China Everbright Group and its financial subsidiaries before moving to Bank of China in late 2018.
Wu replaces Zhang Qingsong, who left to join Agricultural Bank of China as president in 2019. Immediately before joining Import-Export Bank of China (China Exim Bank), Zhang was also with Bank of China in 2018.
China Exim Bank is key state lender for implementing economic policies focused on promoting trade and investment and is believed to a truly colossal financial entity. Whilst it does not publish on lending overseas, a 2011 «Wall Street Journal» report (behind paywall) citing U.S. officials estimates that it had then eclipsed the total export financing of all G7 nations combined.
