Former vice-minister of finance Zou Jiayi has been elected president of the Asian Infrastructure Investment Bank (AIIB), leading the lender and its US$100 billion in capital through a decisive moment for globalisation and development finance.

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The decision was announced at the Beijing-based bank’s annual meeting on Tuesday, held with representatives of its 110 member states and other stakeholders at its headquarters to celebrate its 10th anniversary.

Zou, 62, will serve a five-year term which begins January 16. She will replace Jin Liqun, the inaugural president who shepherded the bank from conception to active operations over two terms, building it into a major multilateral development institution.

“I am humbled and honoured by the trust that AIIB members have placed in me,” the president-elect said in a press release.

“The bank’s strategy is clear and on track, and there is so much more we can achieve in the years to come.”

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Zou, nominated as China’s candidate at the end of March, is currently deputy secretary general of the Chinese People’s Political Consultative Conference, the country’s top political advisory body. She is also one of the few female members of the ruling Communist Party’s powerful Central Committee.

“She has a wealth of experience in promoting China’s international cooperation and dialogue in the financial sector, which could prove valuable in her new role,” said Zhao Xijun, a finance professor at Renmin University in Beijing.