Economist Yi Gang, who was trained in the U.S., will become China's new central bank governor. "I will certainly fulfill my duty in according with the oath I'm going to make".
The National People's Congress also confirmed appointments to the posts of finance, commerce and foreign minister.
The NPC ends with a news conference in the Great Hall of the People on Tuesday.
Beijing is aiming to streamline regulators and ministries to cut inefficiencies while expanding the remit of the central bank to boost its policymaking powers..
"In terms of implication, we see policy continuation as Yi will support Liu He to drive economic reform".
Born in March 1958 in Beijing, Yi built his career as a scholar and has a solid academic background in macroeconomics.
He received Ph.D in Economics from University of IL before joining as assistant professor at the Indiana University. He received his doctorate from the University of IL, with a dissertation on statistical model selection methods. Like his predecessor, Yi has been characterised as a reformist with deep global links and fluent English skills.
His in-depth research into monetary policy and practical policy recommendations gained the attention of policymakers, so much so that he was invited to join the PBOC in 1997.
The WSJ said the nomination of Yi, who is now deputy to incumbent central bank governor Zhou Xiaochuan, was reviewed by the almost 3,000 delegates attending the National People's Congress on Sunday afternoon.More news: Fifa Council rubber-stamp use of VAR at 2018 World Cup
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Foreign Minister Wang Yi's promotion to state councilor-a cabinet title just below vice premier-made him China's highest-ranking foreign minister in two decades. At every step of reform, Yi said he encourages the use of pilot projects with a precondition that every experiment has to involve a practice that's theoretically feasible.
Another American-educated official, President Xi Jinping's top economic adviser Liu He, was appointed as one of the China's four vice premiers and is widely expected to take over the portfolio overseeing the country's financial and economic sectors. Last year, Han Zheng entered the ranks of the Communist Party's Politburo Standing Committee.
Zhou was known as an advocate of Western-style reforms for China's once closed off economy. The country's debt-to-output ratio is more than 300 per cent.
Zhou has headed the central bank during the turbulent period of the global financial crisis.
Market access restrictions have been a top complaint from the United States and Europe which have repeatedly said their firms face major hurdles to doing business in China, including being forced to share their know-how and technology with local partners.
"Yi's two main challenges will be striking a balance between financial de-risking and avoiding a credit crunch, and finding ways to lobby for his agenda within the system as he takes on a more political role", Yin told Caixin.
Mr Yi has been a protégée of his predecessor at the PBOC, Zhou Xiaochuan, who has been in the post since 2002. Real estate and financial services will likely be pressured with increased financing costs. He is seen as instrumental in steering monetary and currency policy, including the landmark devaluation of the yuan in 2015 and more recently a tightening in capital controls.
US-educated Yi Gang, 60, has been vice PBOC governor since 2008.