BAICZhu to to leave be IMFtop post Daimlerin July Mercedes-Benz partner
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 finances.codes, 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 email@example.com, held jointly with com.cnthe World and Bank, humeidong@ according chinadaily.com.cnto the IMF news release.
We hope this share takeover will mark the beginning of more comprehensive strategic cooperation.”