BAICZhu to to leave be IMF­top post Daim­lerin July Mercedes-Benz part­ner

China Daily (Canada) - - LIFE - By CHEN WEIHUA in­Wash­ing­ton chen­wei­hua@ chi­nadai­ By YANG ZIMAN in Bei­jing and HU MEIDONG in Fuzhou

In­ter­na­tional Mon­e­tary Fund Deputy Man­ag­ing Direc­torBAIC Mo­torZhu Min Corp in­tend­sLtd has to be­come­leave the the IMF biggest­when his part­ner term of ex­pires Daim­ler’sin late Mercedes-Ben­zJuly, IMFManag­ing brand in Direc­torChina. That’s Christineafter a La­garde­share re­struc­tur­ing­said on Tues­day.of the Ger­manZhu was man­u­fac­tur­ingthe first Chi­ne­se­base in na­tional eastern serv­ing China. in the post of deputyThe own­er­ship­manag­ing di­rec­tor.change fol­lowsHe was BAIC’s ap­pointed ac­qui­si­tionto a fiveyear on Mon­dayterm in Ju­lyof more2011. Be­fore­than 35 that, per­centhe servedof the as shares spe­cialin Fu­jian-basedad­viser to the FJMo­tor,IMF man­ag­inghold­ing di­rec­tor com­pany from of 2010 Fu­jianto 2011. Benz Au­to­mo­tive“(Zhu) Min In­dus­try­has per­formedCo Ltd. a key Fu­jian role in Benz,the fund’s for­merly man­age­ment called Fu­jian team, Daim­ler pro­vid­ingAu­to­mo­tive im­mense In­dus­try­sup­port to Co, me is anda Sino-our man­age­men­tGer­man ven­ture col­leagues,”that was La­garde formed said by in FJMo­toran IMF newsand Daim­ler­re­lease. Vans Hong Kong Ltd, “His which down-to-earth­had 50 per­cent style, stake, won­der­ful re­spec­tively.sense of hu­mor, and Daim­ler­warm per­son­al­i­ty­has two pro­duc­tion served to re­in­force­bases in his China, formidableone in in­tel­lect Bei­jing and and pas­sion­the oth­er­for eco­nom­ics,in Fuzhou. and en­abled him to pro­vide“We hope strong that this lead­er­ship­share takeover­across a large will range markof is­sues.”the be­gin­ningWhile the of moreIMF said com­pre­hen­sive the process is strate­gic un­der­way co­op­er­a­tionto iden­tify a be­tween can­di­date BAIC to and suc­ceedthe rest Zhu, of Caix­inthe share­hold­er­s­magazine re­portedof in late May that China plans to nom­i­nate 52-yearold Zhang Tao, a cen­tral bank vet­eran with deep ex­pe­ri­ence at mul­ti­lat­eral devel­op­ment banks, to suc­ceed Zhu at the IMF.

The Caixin story came just days af­ter Zhang was ap­pointed deputy gov­er­nor of China’s cen­tral bank.

Tra­di­tion­ally, Euro­peans serve as IMF man­ag­ing di­rec­tor while Amer­i­cans serve as first deputy man­ag­ing Fu­jian di­rec­tor. Benz,” said BAIC in a state­ment.In De­cem­ber, China suc­ceeded Fu­jian in hav­ingBenz is its Daim­ler’s currency, on­lythe ren­minbi, light­weight in­cluded com­mer­cialin the IMF ve­hi­cle Spe­cial man­u­fac­tur­erDraw­ing Rightsin Asia. bas­ket, It en­com­pass­eswhich also in­cludes­brands in­clud­ingthe US dol­lar, Viano, the V-Class, euro, Vito the and Ja­panese Sprinter yen pricedand the be­tween Bri­tish 300,000pound. yuan ($45,600) and 600,000In the same yuan. month, the US Con­gressBAIC plans fi­nal­lyto turn ap­provedFu­jian the 2010 IMF vot­ing share and gov­er­nance re­form. It means that China, now the world’s sec­ond-largest econ­omy, Benz jum­ped­into a man­u­fac­tur­ingfrom sixth to base third for place mul­ti­pur­po­sein vot­ing share,ve­hi­cles trail­ing and only pas­sen­gerthe US cars andby ex­pand­ingJa­pan. the prod­uct port­fo­lios In the from IMF the cur­rent­news re­lease,sedan and Zhu SUV was range.also cred­ited with spear­head­ingFu­jian Benz’s the pro­duc­tionIMF’s work fel­lon job­sto zero and in growththe first in four the month­swake of theof this global year fi­nan­cia­land the cri­sis prices when of its em­ploy­mentve­hi­cles have is­sues been moved on into the fo­cus de­cline. due Theto the ac­tual lack­lus­ter re­tail re­cov­ery.price of its Sprint­erHe over­saw­model, for the ex­am­ple, IMF’s has ac­tiv­i­ties fallen con­cern­ingto 469,000 yuan­frag­ile from states,the list small price state­sof 499,000and yuan. low-in­come coun­tries, and sup­port­edZhang Hong,the ex­pan­sio­nan au­to­mo­bile of its out­reach­mar­ket an­a­lyst,and said pub­li­ca­tion­sthat the sharein this takeover­area. would lead Zhu to has closer pro­vided col­lab­o­ra­tion lead­er­ship be­tweenin the BAIC IMF’s and work Daim­leron and statis­tics, im­prove stan­dard­sFu­jian Benz’sand fi­, as Morewell as im­por­tantly, strength­en­ing the cur­ren­tits Fi­nan­cial­share struc­ture Sec­toris ex­pected Assess­mentto en­cour­age Pro­gram Daim­ler’s and ef­forts busi­nessto com­bat ex­pan­sion mon­eyin China. laun­der­ing and the fi­nanc­ing Zhangof ter­ror­ism.said Fu­jianHe madeBenz would im­por­tant be­come con­tri­bu­tionsa key base for to BAICthe IMF’sin East risk China. man­age­ment frame­work and helped Con­tact re­shape the the writ­ers IMF’s at an­nual yangz­i­man@chi­­ings, held jointly with­the World and Bank, humei­dong@ ac­cord­ing chi­ the IMF news re­lease.

We hope this share takeover will mark the be­gin­ning of more com­pre­hen­sive strate­gic co­op­er­a­tion.”

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