World Bank names Justin Lin Yifu as its chief economist

The World Bank has named Justin Lin Yifu (林毅夫), who defected from Taiwan and rose to become a top economic strategist for China, its chief economist -- the first time a Chinese has held the job.

World Bank President Robert Zoellick said Lin, the founding director of the China Center for Economic Research at Peking University, would bring to the bank the perspective of a developing country on agriculture issues, as well as on economic challenges in Africa, where China has aggressively sought trade and investment opportunities.

"As our first chief economist from a developing country, and an expert on economic development and particularly agriculture, Justin Lin brings a unique set of skills and experience to the World Bank Group," Zoellick said.

"I look forward to working closely with him on a number of areas, including growth and investment in Africa, opportunities for South-South learning [between developing countries] and bank instruments to better support countries hit by high energy and agriculture prices," he said.

"China's experiences can help the World Bank shore up its leading role in global poverty reduction," Lin told Xinhua news agency after the announcement was made.

"This appointment is a high honor and it's a historic decision for the World Bank," Lin said. "By picking a candidate from China, the World Bank will be able to better serve developing countries."

The World Bank, the world's largest development agency, needs a thorough understanding of the challenges faced by developing nations, he said.

"That is the significance of the election of a chief economist from a developing country," he told Xinhua in Beijing.

He said reliance on the World Bank was declining as the need for financial assistance becomes less acute.

"The World Bank can help developing countries by offering expertise. This is what makes it different from other financial institutions," he said.

Lin, 55, is expected to take up his positions as the global development lender's senior vice president for development economics and chief economist on May 31. He replaces Francois Bourguignon, who retired as the bank's chief economist last year.

Lin, who studied economics at National Chengchi University, moved to China in 1979.