Jin Liqun gets Asian Infrastructure Investment Bank nod

The Chinese government has nominated its former vice-minister of finance to be president of the forthcoming Asian Infrastructure Investment Bank.

Jin Liqun, the former vice-minister of finance for China, has been nominated by the Chinese government as its preferred candidate to lead the Asian Infrastructure Investment Bank (AIIB).

The AIIB is a China-based international financial institution. It was initially formed in October 2014 by China with support from 49 countries from locations as varied as Europe, Oceania, Africa and South America.

The vote for the AIIB president elections requires a 75% majority to pass. Currently China holds a 26.06% share of votes.

Currently, Liqun is working as chief of the AIIB's preparation body alongside his role as chairman of the Board of Supervisors at the China Investment Corporation, the sovereign wealth fund of China. Previously, he worked as the vice-minister of finance for the government of China and vice-president of the Asian Development Bank.

Nominations for the position close this month with the election being held at the inaugural meeting of the bank's board once the bank has officially launched.

See more from this Government Report: People's Republic of China

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