China's State Council has appointed Kong Dan, vice chairman of China International Trust and Investment Corporation (CITIC) Group, to replace Wang Jun as chairman of CITIC Group, said a CITIC spokesman on Thursday.

Chang Zhenming, who resigned president of China's Bank of Construction last week, was appointed as vice chairman and president of CITIC Group.

The replacement was a normal personnel adjustment and Wang retired due to his age, said the spokesman.

Wang, 65, had been with the company since it was established in 1979, becoming president in 1993 and chairman in 1995.

Wang would continue as a member of the National Committee of the 10th Chinese People's Political Consultative Conference (CPPCC).

Kong Dan became vice chairman and president of CITIC Group in 2000, after leaving his posts as vice chairman and president of China Everbright Group.

Chang Zhenming was appointed vice president of CITIC in 1995.

He took the position of president of the Bank of Construction in 2004.

One of the major state-owned financial company, CITIC Group was established by Rong Yiren, former Vice President of China.

Now a large transnational conglomerate, CITIC owns 44 subsidiaries around the world, including those in Hong Kong, the United States, Canada, and Australia. The company also has representative offices in Tokyo and New York.

CITIC's core business involves finance, industrial investment and service industries. By the end of 2004, its total assets stood at 701.41 billion yuan (87.7 billion US dollars) with a net profit of 1.78 billion yuan.

Source: Xinhua