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