BEIJING, Jan. 12 -- Chinese Ministry of Finance (MOF) official Yang Shaolin has been appointed as Chief Administrative Officer (CAO) and Managing Director (MD) for the World Bank Group, a MOF statement said Tuesday.

CAO and MD is a new position in the World Bank Group, created to bring together organizational strategy, budgeting and planning, and information and technology, among other responsibilities, according to a press release from the World Bank Group.

Yang's appointment is effective from Feb. 29, 2016, it said.

Yang is currently the Director General of the Department of International Economic and Financial Cooperation at the MOF, in charge of economic and financial cooperation between China and international financial institutions as well as foreign governments.

In his position, Yang played a critical role in the creation of the Asian Infrastructure Investment Bank and the BRICS' New Development Bank.

"We're very pleased to welcome Shaolin back to the Bank Group in this critical new role for the institution," said World Bank Group President Jim Yong Kim.

"In addition to his strong knowledge of our organization, Shaolin brings a deep background and expertise of driving economic and financial cooperation. He is a very experienced leader, and across all of his positions over the years, Shaolin has excelled at collaboration and consensus building." Kim said.

Yang served as the Executive Director for China at the World Bank Group from September 2009 to November 2013, during which he chaired one of the most important standing committees of the Boards of Directors at the World Bank -- the Committee on Governance and Executive Directors' Administrative Matters, the press release said.

China is the bank group's third-largest shareholder.