Liu Wei appointed chairman of national social security fund

Liu Wei has been appointed chairman of China's National Council for Social security Fund (NCSSF), replacing 68-year-old Lou Jiwei.

Liu has left his position as vice minister of finance, the country's Ministry of Human Resources and Social security said on Thursday.

Xu Hongcai has taken Liu's former vice minister position at the Ministry of Finance.

China's National Council for Social security Fund was established in August 2000 to supplement and regulate social security expenditure while facing the challenge of a mounting aging population.

Zhu Fuling, director of the Social security Research Center at the Central University of Finance and Economics, noted that the reshuffle could give better play to the role of the NCSSF in managing and standardizing the collection and utilization of funds.

(CGTN)