China's former finmin to head national pension fund: Caixin

November 12, 2016 2:32 AM EST

An aide adjusts the hair of former Chinese Finance Minister Lou Jiwei, in Washington, U.S., October 8, 2016. REUTERS/Yuri Gripas/File Photo - RTX2S8TM

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BEIJING (Reuters) - China's former finance minister Lou Jiwei will take charge of the national social security fund, financial magazine Caixin reported on Saturday.

Lou has been appointed as chairman of the National Council for Social Security Fund, Caixin reported on its website but did give further details.

On Monday, China named Xiao Jie as new finance minister and he is expected to maintain an expansionary fiscal policy and push reforms to put a lid on rising debt levels in the economy.

Lou will replace Xie Xuren, who has been overseeing the national pension fund since 2013.

The social security fund recorded a 15.2 percent rate of investment return last year, with total assets hitting 1.9 trillion yuan ($146.86 billion)at the end of 2015, it has said.

($1 = 6.8090 Chinese yuan renminbi)

(Reporting by Coco Li and Kevin Yao; Editing by Michael Perry)

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