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Japan-savvy Citic chairman Chang Zhenming retires

Group names deputy central banker Zhu Hexin as successor

Chang Zhenming has been instrumental to partnerships between Chinese and Japanese corporations.   © Reuters

BEIJING -- Chang Zhenming will step down after a decade as leader of Chinese state-owned conglomerate Citic, the company said Friday.

The Beijing-based group, which has a broad portfolio spanning financial services to property development, said Zhu Hexin, People's Bank of China deputy governor, would replace Chang as chairman and Communist Party secretary.

Born in 1956, Chang has been a fixture in China's business and political circles. He had been at the helm of Citic since 2010, and also was a delegate to several Communist Party national congresses.

He was also known for his ties with Japan, having studied Japanese at the Beijing International Studies University and trained at a Japanese brokerage. He helped secure partnerships between Japanese and Chinese companies, including Citic's tie-up with trading house Itochu.

His successor, Zhu, took his current post at the central bank in 2018. He previously served as vice president at the state-owned Bank of Communications and Bank of China, as well as deputy governor of Sichuan Province.

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