The National People’s Congress formally elected China’s new cabinet on Saturday, including the top economic and financial roles, The Wall Street Journal reported. Zhou Xiaochuan was reappointed as the governor of China’s central bank, as was widely expected, while Lou Jiwei was chosen to head China Investment Corporation, the country’s largest sovereign wealth fund. Xu Shaoshi will move from minister of land and resources to head of the top planning agency, the National Reform and Development Commission. The NPC additionally appointed former Japanese ambassador Wang Yi as head of the foreign ministry, while Yang Jiechi will rise from that position to a foreign policy role on the State Council, China’s cabinet. Space program chief Chang Wanquan will become the new defense minister.