China has appointed the chairman of its largest oil and gas producer to lead and transform a powerful agency overseeing the country's non-financial assets worth some 70 trillion yuan. (US$1=6.25 yuan). Jiang Jiemin, who has been credited with leading the expansion of China National Petroleum Corp (CNPC) and subsidiary PetroChina, will replace Wang Yong as head of the ministry-level Assets Supervision and Administration Commission (Sasac). The agency owns a wide range of assets including energy and mining.
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