Chinese state media say the nation’s wealthiest man is set to join the Central Committee of the Communist Party.

Newspapers including the Communist Party-affiliated Global Times reported the development Monday. They said Liang Wengen, chairman of the Hunan-based heavy machinery producer Sany Group, will be the first private-sector businessman to become a member of the powerful Central Committee.

Global Times said the Organization Department of the party’s Central Committee has completed its evaluation of Liang, whose fortune is estimated by Forbes magazine at $10 billion.

It said he could be be elected as a member or an alternate member of the Central Committee at the party’s 18th National Congress in autumn of 2012.

The Times Weekly newspaper quoted officials saying Liang could be appointed to roles in the Human provincial government or the government of the provincial capital of Changsha.

The Central Committee has about 300 members and is responsible for appointing the party’s Politburo.