Taiwan President Ma Ying-jeou has elevated a former financial regulator to the post of premier, a move aimed at steering the self-ruled island through a period of uncertainty in the global economy.

Sean Chen, who is currently holding the post of vice premier, will replace Wu Den-yih, who was elected vice president earlier this month as Mr. Ma's running mate.

Chen is the former head of Taiwan's Financial Supervisory Commission. As vice premier, he oversaw Mr. Ma's policy of establishing closer economic ties with China.

The new premier has named Interior Minister Jiang Yi-huah has the new vice premier.

Taiwan's new Cabinet is expected to be sworn in next week.