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China urges IMF quota share adjustments

(Xinhua)
Updated: 2009-10-05 09:53

International Monetary Fund's Managing Director Dominique Strauss-Kahn (R), Egyptian Finance Minister and Chairman of the IMFC Youssef Boutros-Ghali (C) and IMF's First Deputy Managing Director John Lipsky (L) answer questions at the International Monetary and Financial Committee press briefing at the Istanbul Congress Center October 4, 2009. [Agencies]

China on Sunday demanded an increase of the quota share of the emerging markets and developing countries in the International Monetary Fund (IMF) and urged the organization to accelerate its structural reform.

Chinese Deputy Governor of the Central Bank Yi Gang made the remarks at the 20th meeting of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund in Istanbul.

The one-day meeting was attended by representatives from 186 member countries and international financial institutions, the World Bank, the World Trade Organization and other organizations.

The Chinese banker criticized major international financial institution for failing to give a timely early warning report of the current global financial crisis, noting that the failure is closely related to deviation of the surveillance direction and its focus.

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The long-time underestimation of the quota share of the emerging markets and developing countries and their insufficient representation in the IMF are major causes for irrational governing structure, unfair surveillance and untimely early warning system, he said.

He said China supports an increase of IMF structural resources in various ways.

But he stressed that the quota share is the main resource of the IMF organization, urging the IMF to establish quota share automatic readjusting mechanism in a bid to reflect changes of economic positions of different countries.

China supports the IMF to undergo wide-ranging administrative structural reform, including the strengthening of responsibilities of the executive board of directors, effective supervision of the administration, reform of chairman election system and increasing the proportion of administrative and working staff of emerging markets and developing countries, he added.

Yi stressed that the IMF should strengthen supervision and surveillance over various major financial markets, synthetically think about various policies of member countries, and not to assess single policy in a simple and mechanical way.

He said China welcomes the progress made by the IMF in enhancing early warning capability, the whole package reform in financing mechanism to offer loan to low-income countries and preferential financing measures.

Istanbul is to host the annual meetings of the IMF and World Bank on October 6-7.