China's government has named Miao Jianming chairman of China Merchants Group, one of the country’s top industry conglomerates.

Miao replaces the retiring Li Jianhong at the group, which also owns China Merchants Heavy Industry (CMHI).

Miao is a veteran of the insurance industry, having been trained as the graduate student from the graduate school of People’s Bank of China and earning his PhD degree from the Central University of Finance & Economics.

Before being nominated as China Merchants chairman, Miao was the chairman of People’s Insurance Company of China (PICC), China’s top insurance institution.