On the 3rd, the Executive Board of the World Bank approved Ajay Banga (Chinese name: Peng Anjie), the former CEO of Mastercard, as the candidate for the new President of the World Bank, replacing David Malpas, who had previously announced his early retirement. The World Bank stated in a statement on the same day that Banga will officially take office on June 2 of this year. Banga is 63 years old and of Indian American descent. He is currently the Vice Chairman of the Board of Directors of Pan Atlantic Investment Group and has over 30 years of work experience in the business field. On February 15th of this year, the World Bank announced that Marpas had decided to step down early before June 30th of this year. Marpas was appointed as the President of the World Bank in April 2019, with a term of 5 years. He was supposed to resign in April next year. The headquarters of the World Bank is located in Washington, D.C., and the United States is the largest shareholder of the World Bank. For a long time, the President of the World Bank has been held by Americans. With the increasing influence of emerging market economies and developing countries in the global economy, many scholars believe that the World Bank should break the tradition of Americans holding the position of president and consider the interests and concerns of developing countries more. (New News Agency)