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World Bank President Robert B. Zoellick Monday announced the appointment of Justin Yifu Lin, a Chinese national, as the new chief economist and senior vice president for development economics at the World Bank.

Lin, currently professor and founding director of the China Center for Economic Research at China's prestigious Peking University, was selected after a global search, according to a statement released by the bank.

Expected to take up his position on May 31, Lin will succeed Francois Bourguignon, who retired from the Bank Group last year to become director of the Paris School of Economics.

"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," said Zoellick in the statement.

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