BEIJING - China's State Council on Monday announced the appointment of seven new members of the central bank monetary policy committee.

Deputy head of the National Development and Reform Commission (NDRC) Lian Weiliang; Vice Finance Minister Shi Yaobin; the People's Bank of China (PBOC) assistant governor Zhang Xiaohui; and head of China Banking Association Tian Guoli will sit on the PBOC monetary policy committee, which is chaired by PBOC Governor Zhou Xiaochuan, according to a notice on the government website.

They will replace former deputy head of the NDRC Zhu Zhixin; former PBOC vice governor Hu Xiaolian; former head of the National Bureau of Statistics Ma Jiantang; and chairman of China Development Bank Hu Huaibang.

Meanwhile, economists Fan Gang, Huang Yiping and Bai Chongen will replace Qian Yingyi, Chen Yulu and Song Guoqing as expert advisors to the committee.

The central bank monetary policy committee, established in 1997, is responsible for advising on the country's monetary policies. There are currently 15 committee members, including central bank officials, ministers from other government departments and economists.