The long-serving Gao Xiqing, who almost starved to death in the Cultural Revolution and went on to help found China’s first securities’ market, is to step down from the helm of the country’s $570bn-plus sovereign wealth fund, according to an internal memo.

Li Keping, chief investment officer, is set to take up the reins at China Investment Corporation as vice chairman and president once the State Council gives the green light. Mr Gao, the founding president who turned 60 last year, will remain until then, according to one person familiar with the matter.

CIC was created in 2007 with the aim of improving returns on state funds. It has courted much controversy since then, not least after shelling out billions of dollars for stakes in Blackstone and Morgan Stanley of the US in 2007 only to rack up big paper losses in the subsequent months.