The World Bank welcomes a Chinese finance ministry official to its roster of top executives. (Photo : Reuters)
The World Bank has appointed Yang Shaolin, a Chinese finance ministry official, as its chief administrative officer and managing director, positions created by the institution to centralize various functions, the Xinhua News Agency reported.
Effective on Feb. 29, Yang will lead the bank in bringing together "organizational strategy, budgeting and planning, and information and technology, among other responsibilities," a press release from the World Bank stated.
"We're very pleased to welcome Shaolin back to the Bank Group in this critical new role for the institution," World Bank President Jim Yong Kim remarked.
"In addition to his strong knowledge of our organization, Shaolin brings a deep background and expertise of driving economic and financial cooperation," he added.
Currently, Yang is the director-general of the finance ministry's Department of International Economic and Financial Cooperation. He is tasked to oversee the economic and financial partnership between China and other global financial institutions and foreign governments.
With his stint at the ministry, Yang contributed significantly in the establishment of the Asian Infrastructure Investment Bank (AIIB) and the BRICS' New Development Bank.
Yang also served as the World Bank's executive director for China from Sept. 2009 to Nov. 2013.
Meanwhile, foreign ministry spokesman Hong Lei said that the government hopes for the intensified representation of developing countries in international finance through Yang's appointment.
Sun Lijan, an economics professor at Fudan University, noted that the appointment meant Yang is now the group's "number two."
Sun added that the appointment also signifies the institution's recognition of the country's AIIB and "One Belt, One Road" initiative.
The professor additionally remarked that previous Chinese officials who were given executive positions at the World Bank were all Western-educated so that the U.S. can communicate with them. Some of the Chinese nationals who were granted critical posts include Zhang Shengman, Lin Yifu and Cai Jinyong.
China, who had been fully involved in the organization, is the World Bank's third largest shareholder.
