(Yicai Global) May 10 -- Li Yunze, the vice governor of southwestern Sichuan province, has been appointed party secretary of the National Financial Regulatory Administration, a new regulatory body tasked with supervising the country’s financial sector, the China Banking and Insurance Regulatory Commission said today.

Li, a banking veteran, moved into politics in 2018 when he became vice governor of Sichuan province. Previously, the 52-year-old worked at state-owned China Construction Bank for more than two decades before moving to Industrial and Commercial Bank of China as vice president in July 2016.

The NFRA was established in March to replace the CBIRC and to take on some supervisory duties from China’s central bank.

Editor: Kim Taylor