Jin Liqun: China's helmsman to establish AIIB

Jin Liqun, chairman of the China International Capital Corp., has been appointed to head China’s Asian Infrastructure Investment Bank. Photo by: Michael Wuertenberg / World Economic Forum / CC BY-NC-SA

When Chinese President Xi Jinping announced in October 2013 his country’s plans to establish another multilateral development bank called the Asian Infrastructure Investment Bank, reactions were mixed.

Some stakeholders welcomed the idea, mainly as a way to fund Asia-Pacific’s huge infrastructure investment needs, but others have serious doubts over the Chinese government’s capacity to actually establish — not to mention operate — such an institution.

China appears unfazed about those concerns and insists it can have the AIIB up and running by next year. Mongolia was the first country to sign a memorandum of understanding to join the bank, while Japan and South Korea are currently studying membership offers. However, one of the biggest signs that Beijing is dead serious about setting up the institution is the appointment of Jin Liqun, chairman of the China International Capital Corp., as the head of the group tasked with making the AIIB a reality.

In a speech at the Boao Forum for Asia, Jin explained the rationale behind the establishment of the China-led bank saying that Asia-Pacific — and the rest of the world — needs additional help not just financially but also in terms of leadership.

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About the authors

  • Lean 2

    Lean Alfred Santos

    Lean Alfred Santos is a Devex development reporter focusing on the development community in Asia-Pacific, including major players such as the Asian Development Bank and the Asian Infrastructure Investment Bank. Prior to joining Devex, he covered Philippine and international business and economic news, sports and politics. Lean is based in Manila.
  • Orenz nito 400x400

    Orenz Nito

    Orenz Nito is a development analyst at Devex’s survey analysis and advisory services team. Prior to joining Devex, he worked as a risk analyst for an Asia-focused security and political risk consulting firm, preparing risk assessment reports for foreign investors, international organizations and embassies operating in the Philippines and across Asia. Based in Manila, Orenz is currently working on his MBA degree.