Gong Fangxiong, chief economist for the Greater China region and head of the China Research Department at JPMorgan Chase Co., has been appointed as deputy chairman of the JP Morgan Chase's China investment bank, according to local media Caijing.

Gong, renowned for his expertise in China's financial markets, will also be in charge of corporate financing for the bank. Gong will assume his new position in two weeks, said Caijing.

Gong will report directly to CEO of JPMorgan in the Greater China region, and he will be responsible for expanding Chinese market and driving the revenue growth of the bank.

Wang Qian will replace Gong as the new head of JP Morgan's China Research Department, and Li Min is elevated to be head of the research department.

Insiders of JP Morgan said that Gong's good understanding of Chinese market and business environment will help him with investment banking.

The change of personnel is related to Charles Xiaojia Li, who left JP Morgan as chairman in China to head HKEx in June. No one has been appointed since Li left.

Gong is a Ph.D. Economics in Wharton School of the University of Pennsylvania, Mphys in Temple University of Philadelphia, and he has two master degrees of Economics and Operational Research and also a bachelor degree of Physics.

Before joining JP Morgan, Gong served Bank of America for many years, and he also used to be economist for Federal Reserve Bank in New York.

Gong is not the first who transfers to investment banking from economist as there have already been examples like Fred Hu, Managing Director of Goldman Sachs Asia, and Joe Zhang, vice president of UBS's office in China.