On 30 August 2019, China Shipbuilding Industry Corporation (CSIC) Chairman Hu Wenming (胡问鸣) and State Development and Investment Corporation (SDIC) Chairman Wang Huisheng (王会生) both retired due to approaching and reaching age limit set for central SOE managers.
The retirement of Hu and Wang opens the new wave of SOE personnel reshuffle—there are almost a dozen central SOE leaders—those managed by State Asset Supervision and Administration Commission (SASAC)—reaching the required age limit of 63 within this year and next year. We expect most of them to retire on or before their 63rd birthday.