Chang Zhenming: Chinese Financial Executive

Chang Zhenming was born in Beijing, China in 1956. He worked at the Dining Hall of the School Affairs Department at Tsinghua University from 1971 to 1977. In 1979 Chang studied Japanese Literature at the Beijing International Studies University, finishing in 1983.

With his knowledge of Japan he received on the job training from 1984 to 1985 at Daiwa Securities in Japan.  Chang started his career at China International Trust and Investment Corporation (CITIC) in 1985. His first position was as deputy manager of the Treasury Division and held various positions such as deputy manager at CITIC Industrial Bank, in charge of foreign exchange and bond businesses.

Chang moved to New York in 1989 as the deputy representative at the CITIC Office. He held this position until 1992. During his time in New York he earned an MBA from the College of Insurance.

In October 1992 Chang was appointed vice president of CITIC Industrial Bank. He became in charge of fund raising through issuing of bonds in the international market, foreign exchange and securities.  Chang became assistant vice president, executive director and vice-president of CITIC from January 1994 to March 2002. He was in charge of establishing the securities, insurance and trust branches of CITIC and non-banking financial business.

He made a major career move in 2004, leaving CITIC to accept the position of vice chairman and president of China Construction Bank.  Two years later though in 2006 he was back at CITIC this time as vice chairman and president of CITIC Group.

CITIC Pacific a subsidiary of CITIC Group made unauthorized bets in the foreign current market in October 2008 and lost $1.9 billion causing senior officials of the subsidiary to resign. In April 2009 Chang was commissioned to replace the chairman and managing director of CITIC Pacific.

Back in 2000 Chang was put in charge to turn around CITIC Ka Wah Bank which was already on the verge of bankruptcy. By 2002 the bank was back on its feet.