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China has appointed a former anti-corruption officer known as “the female general fighting the tiger” to lead the Asian infrastructure investment bank, Beijing’s response to the World Bank.
Zou Jiayi, a former vice minister and senior vice minister of the Chinese Communist Party’s anti-corruption group, was elected president of AIIB at a meeting of the Governor’s Committee on Tuesday.
She is the sole candidate for the role, replacing AIIB founding president Jin Li-kun, who will step down in January after piloting the Beijing-covered development bank.
Zou, known in Chinese state media as “the female general fighting the Tigers,” became famous for investigating the CCP’s anti-graft group, or “Tigers,” the CCP’s anti-graft group, which is the standing committee of China’s Central Committee.
She is also the deputy director of the government’s advisory body, the Chinese political consultation committee.
The leadership transition comes at a critical moment for Beijing. This shores up efforts in Europe and emerging economies and demonstrates US President Donald Trump’s position as a reliable partner amidst the turmoil of the trade war.
AIIB was founded in 2016 as the centre of China’s efforts to restructure international development finance. There are 110 member states, including the UK, Germany, France, Canada, Australia, Russia, India and developing countries, but lenders, not the US, warn that they can serve as a rig of China’s geopolitical influence.
China is AIIB’s biggest stakeholder, holding about 27% of its vote share and giving 30% of its nearly $100 million in capital.
Trump ordered a review of US support for international organizations, calling for fear of deep financing cuts and Washington’s withdrawal from institutions such as the World Bank and the IMF.
This has led to increased reliance on rivals such as AIIB, which has approved more than 300 projects worth more than $600 billion for infrastructure, primarily bridges, roads and energy plants.
Jing, the retired chief of AIIB, previously worked for the World Bank, similar to China’s Treasury Ministry. He is believed to have manipulated lenders through recent geopolitical turbulence, including the war in Ukraine, which has led to a suspension of all activities related to Russia and Belarus.
Amid signs of the bank’s growing ambition, he is currently exploring a hub in new regionals, including Singapore and Hong Kong, Jin said in an interview with the Financial Times after opening its first overseas office in Abu Dhabi two years ago.
AIIB also differed from traditional development lenders by offering less loans in favorable terms to low-income countries.
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Jinn has acknowledged that such a decline in funds would require traditional lenders to change.
“It will encourage borrowers and lenders to provide better funding,” he said, adding that AIIB has tried to focus on projects that allow them to “stand on their own feet and make money.”
Jin also said that “anxiety” over control of Beijing’s facilities was misguided. European partners “can play a big role” at the bank, he said.
