(Yicai Global) April 4 -- 58-year old Liu Wei, the former deputy minister of finance, has replaced Lou Jiwei, aged 68, as chairman of the China's National Council for Social Security Fund. 

This is the first time that a vice finance minister has served as NCSSF chairman, according to a post today on the official site of the Ministry of Human Resources and Social Security.

The NCSSF chair has previously always been filled by ministers of finance who resign for the purpose.

Born in Wuhan, Hubei province in 1961, Liu worked in Chongqing from 1991 to 2016 and served as head of the city's finance bureau and its vice mayor.

Lou Jiwei, born in Yiwu, Zhejiang province in 1950, served as vice governor of Guizhou province, deputy minister and then minister of finance, deputy secretary-general of China's cabinet the State Council and chairman and chief executive of China Investment Corporation.

The annual average rate of return for the national social security fund has remained above 8 percent over the last ten years. The total assets of the fund were CNY2.2 trillion (USD331 billion) at the end of 2017. The annual average rate of return on their investment from the fund's setup to 2017 was 8.44 percent and the collective income thus earned was about CNY1 trillion, according to official statistics.

The department that manages NCSSF will change to the Ministry of Finance from the State Council, per new policies issued in March last year. 

NCSSF will assume the main responsibility for conserving the fund and increasing its value. 

Editor: Ben Armour