Beijing names head of AIIB

Beijing on Monday named a former vice minister of finance as its preferred candidate to head the China-led Asian Infrastructure Investment Bank (AIIB), a potential rival to the Washington-based World Bank,  reports AFP from Beijing.
“The Chinese government has officially nominated Jin Liqun to be China’s candidate for the presidency of the AIIB,” the finance ministry said in a statement.
He is effectively certain to be appointed as Beijing will initially have a 26.06 per cent share of the votes at the bank, giving it veto power over the choice of the president, which requires a 75 per cent majority.
The AIIB has been viewed by some as a rival to the World Bank and Asian Development Bank, and the United States and Japan—the world’s largest and third-largest economies, respectively—have notably declined to join.
Beijing will be by far the largest AIIB shareholder at about 30 per cent, according to the legal framework signed by 50 founding member countries last week.
Jin, who is now chief of the AIIB’s preparation body, has previously worked for both the World Bank and the Asian Development Bank, as well as the finance ministry, according to a biography attached to the statement.

Beijing names head of AIIB

Beijing on Monday named a former vice minister of finance as its preferred candidate to head the China-led Asian Infrastructure Investment Bank (AIIB), a potential rival to the Washington-based World Bank, reports AFP from Beijing. The Chinese government has officially nominated Jin Liqun to be Chinas candidate for the presidency of the AIIB, the finance ministry said in a statement. He is effectively certain to be appointed as Beijing will initially have a 26.06 per cent share of the votes at the bank, giving it veto power over the choice of the president, which requires a 75 per cent majority. The AIIB has been viewed by some as a rival to the World Bank and Asian Development Bank, and the United States and Japanthe worlds largest and third-largest economies, respectivelyhave notably declined to join. Beijing will be by far the largest AIIB shareholder at about 30 per cent, according to the legal framework signed by 50 founding member countries last week. Jin, who is now chief of the AIIBs preparation body, has previously worked for both the World Bank and the Asian Development Bank, as well as the finance ministry, according to a biography attached to the statement.