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International relations

China backs AIIB chief Jin Liqun for second term

Development bank's founding president would stay on 5 more years

Jin Liqun has led the AIIB since the development bank launched in 2016.   © Reuters

BEIJING -- The China-led Asian Infrastructure Investment Bank is set to reappoint current President Jin Liqun to another five-year term with Beijing's support.

The AIIB started accepting candidates for the position Tuesday, and the Ministry of Finance announced its nomination of Jin.

China holds nearly 30% of the voting rights, giving it veto power over key motions. This paves the way for reelecting Jin in an online board of governors' meeting scheduled for July 28.

Jin, a former vice finance minister, has been AIIB president since the bank launched in 2016. His current term ends in January 2021.

As an international lending institution, the AIIB counts China as its biggest investor. France, the U.K., Germany and Italy are members. The U.S. and Japan are the only Group of Seven countries not participating.

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