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China to vault into IMF top 3
By Lesley Wroughton |
September 29, 2010, Wednesday
|
Print Edition
Print Edition
CHINA is set to leap-frog industrial powers Germany, France and Britain to become the IMF's second or third most-powerful member under plans being discussed to give emerging nations greater influence.
The shake-up under discussion by IMF member countries would give many large emerging economies, including Brazil, Russia, India, South Korea and Turkey more voting power at the body, according to an IMF document obtained by Reuters.
Emerging market countries like China have become a major driver of world growth at a time when industrial economies are struggling to emerge from the global economic downturn.
Bigger voting power would give countries like China greater sway over IMF lending decisions and more influence over global economic policy.
The IMF proposal increases the voting share of emerging nations as part of a plan that would also boost IMF resources to US$1 trillion or more. It also lessens the power of large European countries and smaller ones like the Netherlands and Belgium.
In three of four scenarios presented by IMF staff to the its board last week, China jumps into third place after the United States and Japan from its current sixth place. In one proposal, China overtakes Japan and moves into second place. The scenarios cover the IMF's 20 largest member countries.
India would go from 11th position to 9th, a ranking currently held by Canada. Brazil would go from 14th to 11th. Turkey would leap to 20th place from around 30th.
Spain would be the only European country to benefit from the changes with a move from 15th place to 12th. Saudi Arabia would slip in the rankings from 8th to 13th.
The US would remain the IMF's most powerful member with 17.67 percent of the overall quota share, giving it veto power at the body.
Major economies are pushing for an agreement on the issue at a summit of leaders of the Group of 20 developed and emerging powers in Seoul in November.
G20 leaders agreed last year to an allocation in quota shares of at least 5 percent to developing countries at the expense of over-represented member countries.
The shake-up under discussion by IMF member countries would give many large emerging economies, including Brazil, Russia, India, South Korea and Turkey more voting power at the body, according to an IMF document obtained by Reuters.
Emerging market countries like China have become a major driver of world growth at a time when industrial economies are struggling to emerge from the global economic downturn.
Bigger voting power would give countries like China greater sway over IMF lending decisions and more influence over global economic policy.
The IMF proposal increases the voting share of emerging nations as part of a plan that would also boost IMF resources to US$1 trillion or more. It also lessens the power of large European countries and smaller ones like the Netherlands and Belgium.
In three of four scenarios presented by IMF staff to the its board last week, China jumps into third place after the United States and Japan from its current sixth place. In one proposal, China overtakes Japan and moves into second place. The scenarios cover the IMF's 20 largest member countries.
India would go from 11th position to 9th, a ranking currently held by Canada. Brazil would go from 14th to 11th. Turkey would leap to 20th place from around 30th.
Spain would be the only European country to benefit from the changes with a move from 15th place to 12th. Saudi Arabia would slip in the rankings from 8th to 13th.
The US would remain the IMF's most powerful member with 17.67 percent of the overall quota share, giving it veto power at the body.
Major economies are pushing for an agreement on the issue at a summit of leaders of the Group of 20 developed and emerging powers in Seoul in November.
G20 leaders agreed last year to an allocation in quota shares of at least 5 percent to developing countries at the expense of over-represented member countries.
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