Ex-Chi­nese fi­nance of­fi­cial Jin Liqun named to lead Asian in­vest­ment bank

The China Post - - WORLD BUSINESS -

Main­land China’s for­mer fi­nance au­thor­ity deputy head Jin Liqun has been elected to head the new Asian In­fra­struc­ture In­vest­ment Bank (AIIB), the main­land Chi­nese author­i­ties said Tues­day.

Jin was elected as the bank’s “in­com­ing pres­i­dent” at a two­day meet­ing of chief ne­go­tia­tors in the Ge­or­gian cap­i­tal of Tbil­isi, ac­cord­ing to a state­ment by main­land China’s fi­nance au­thor­ity.

Bei­jing last month had named Jin as its pre­ferred can­di­date to head the new in­sti­tu­tion.

The AIIB has been viewed by some as a ri­val to the World Bank and Asian De­vel­op­ment Bank. The United States and Ja­pan — the world’s largest and third­largest economies, re­spec­tively — have no­tably de­clined to join.

Jin has pre­vi­ously worked for both in­sti­tu­tions. He was also for­merly a top of­fi­cial at the China In­vest­ment Cor­po­ra­tion, the coun­try’s sov­er­eign wealth fund.

He has a master’s de­gree in English literature, speaks flu- ent English and re­port­edly good French and was a Hu­bert Humphrey Fel­low in eco­nom­ics at Bos­ton Univer­sity in 1987-88.

Jin’s se­lec­tion had been widely ex­pected as Bei­jing will ini­tially have a 26.06 per­cent share of the votes at the bank, giv­ing it veto power over the choice of the pres­i­dent, which re­quires a 75-per­cent ma­jor­ity.

Bei­jing will be by far the largest AIIB share­holder at about 30 per­cent, ac­cord­ing to the le­gal frame­work signed by 50 found­ing mem­ber coun­tries in late June.

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