08/26/2015, 00.00
ASIA – CHINA
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China’s former deputy finance minister to head new development bank

The new Asian Infrastructure Investment Bank will compete with US-backed World Bank and Japan-backed Asian Development Bank. The new president speaks both English and French.

Beijing (AsiaNews) – Former Chinese Deputy Finance Minister Jin Liqun has been elected at a two-day meeting of chief negotiators in the Georgian capital of Tbilisi to head the new Asian Infrastructure Investment Bank (AIIB).

Viewed by some as a rival to the World Bank and Asian Development Bank, the new financial institution is backed by dozens of countries in the world, but not the United States, which supports the World Bank, and Japan, which favours the Asian Development Bank.

Jin has previously worked for both institutions. He speaks fluent English and reportedly good French and has a master's degree in English literature.

Jin Liqun’s choice as China’s candidate was expected since Beijing holds 26.06 per cent of the shares of the bank.

At the bank’s inauguration last June, China’s Finance Minister Lou Jiwei said that he was confident the institution could start functioning before the end of the year.

The AIIB’s authorised capital stock is US$ 100 billion.

According to experts, the bank will give China an opportunity to expand its economic influence in the world to fit its role as the world’s second largest economy.

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