Shaolin Yang, a top official in China's Ministry of Finance, has been appointed as the Chief Administrative Officer (CAO) and Managing director (MD) of the World Bank Group.

The Chief Administrative Officer and Managing Director positions are newly created in the World Bank to bring together organizational strategy, budgeting, planning as well as information and technology.

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Yang's appointment is effective starting Feb. 29. He is currently the Director General of the Department of International Economic and Financial Cooperation at the MOF. He is in charge of the financial cooperation between China and the international financial institutions around the world.

World Bank President Jim Yong Kim released a statement about Yang's appointment on Tuesday, saying "We are very pleased to welcome Shaolin back to the bank group in this critical new role in the institution. In addition to his strong knowledge of our organization, he brings a deep background and expertise of driving economic and financial cooperation. Shaolin is a very experienced leader and he has excelled at collaboration and consensus building across all the positions he has held over the years."

Yang previously worked at the World Bank Group from September 2009 to November 2013 as the executive director for China. During that time he was the chairman of one of the most important standing committees of the Boards of Directors at the World Bank. 

Experts say Yang's appointment demonstrates the World Bank's recognition of China's One belt, One Road intitiative and signals its intention to get involved in the project.

TagsWorld Bank Group, Yang Shaolin, China Ministry of Finance