Lou Jiwei, chairman of China Investment Corp., is tipped as China's next finance minister. [File photo]

Lou Jiwei, chairman of China Investment Corp.(CIC), was tipped to succeed incumbent Xie Xuren as finance minister, according to sources close to the issue.

Lou, 61, also takes a position as vice secretary of the State Council. He worked a stint at the Ministry of Finance as a vice minister.

The current general manager will hopefully replace Lou as chairman of CIC after Lou moves to the ministry.

CIC, China's sovereign wealth fund founded in 2007, manages US$410 billion in assets.