Investing.com - China has appointed Xiao Jie as the country's new finance minister, state-run Xinhua news agency said on Monday, replacing Lou Jiwei.
Xiao is currently Deputy Secretary-General of the State Council and described as close to Premier Li Keqiang. Xinhua also said in a brief story published on its microblog Monday that the current finance minister stepped down, together with Geng Huichang, Minister for State Security and Li Liguo, Minister for Civil Affairs.
The story didn't say why the three ministers stepped down nor did the wording suggest they were sacked or they resigned. But all three ministers had reached or were near the official retirement age of 65. In Lou's case, he is already 66. Chinese government rules require minister level officials to retire at age 65. The only minister currently serving beyond this age is Zhou Xiaochuan, the central bank governor, who is 68.