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.

Chen acknowledged that he will be relied upon to lead the country through a global economic slowdown. But he said Taiwan's new cabinet will also have other priorities.

“The European debt problem has caused turbulence in the entire world, and during this time people think the cabinet should be called the 'economic cabinet.' However, a cabinet should face different kinds of situations and pursue economic development and a prosperous society.”

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

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