(Yicai Global) March 21 -- State-owned China Construction Bank has appointed Liu Guiping, a former deputy mayor and banking veteran, to become its new head.

Liu will step into the shoes of Wang Zuji, who is retiring as president, news outlet Sina Finance reported, citing China Construction Bank. 

He had served as deputy mayor of the southwestern Chinese city of Chongqing since 2016, and was executive vice president of sovereign wealth fund China Investment before that. He also held a senior position at the Agricultural Bank of China. 

Liu showed his inclusive approach to the peer-to-peer lending sector at this year's top-level political meetings in Beijing. He suggested that the China Banking and Insurance Regulatory Commission should allow eight Chongqing-based microlenders to resume operations after rectification and in general, solidify the position of qualified P2P lenders among consumer finance companies.

Liu has a flexible work style and strong capabilities in research, review and innovation, the 21st Century Business Herald reported, citing an employee at the Agricultural Bank of China who previously worked with him. 

Editor: Emmi Laine