CHINA Investment Corp said yesterday that Li Xiaopeng, former vice president of the Industrial and Commercial Bank of China, has replaced Jin Liqun as the chairman of the Board of Supervisors of CIC.

A CIC online statement said the decision was made by the State Council, China's Cabinet, on May 17.

CIC highly commends the excellent leadership and service of Jin during his five-year tenure as chairman of the board, and his efforts in promoting global ties between CIC and various stakeholders, the statement said.

The supervisory board is responsible for monitoring the behavior of CIC's directors and executives.

Set up in 2007 with US$200 billion registered capital, CIC has expanded to more than 100 countries.