Reformist wealth fund boss Lou Jiwei next finance minister

The mainland leadership has decided to appoint Lou Jiwei, the chairman of its sovereign wealth fund known for his reformist outlook and financial experience, to be the next finance minister.

The appointment is part of a major cabinet reshuffle due to be approved by the top legislature this month.

Government sources said Lou, 62, would replace Xie Xuren to lead fiscal policy after the National People's Congress (NPC), which opens on Tuesday.

At 66, Xie has passed the retirement age of 65 for a minister.

The decision comes after Communist Party bosses including party chief Xi Jinping and premier-in-waiting Li Keqiang decided to keep Zhou Xiaochuan as central bank governor despite him reaching retirement age.

In another top appointment, Zhang Xiaoqiang, a vice-chairman of the National Development and Reform Commission, will be appointed chairman of the board of supervisors of the nation's sovereign wealth fund, the China Investment Corporation (CIC), replacing Jin Liqun . Jin will become chairman of China International Capital Corp (CICC), the mainland's leading investment bank, while former CICC top boss Li Jiange will become chairman of Shenyin Wanguo Securities. It remains to be seen who will be picked to fill the vacancy left by Lou.