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October 6, 2009

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China calls on IMF to make quota share fairer

CHINA has demanded an increased quota share for emerging markets and developing countries in the International Monetary Fund (IMF) and urged speedier structural reform.

China's Central Bank Deputy Governor Yi Gang made the remarks on Sunday at the 20th meeting of the International Monetary and Financial Committee of the Board of Governors of the IMF 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.

Yi criticized major international financial institutions for failing to give timely warnings of the current global financial crisis, noting that the failure was closely related to deviation of the surveillance direction and its focus.

Major causes

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

He said China supported an increase in IMF structural resources in various ways. But he stressed that the quota share was the main resource of the IMF, urging the IMF to establish an automatic readjusting mechanism in a bid to reflect changes of different countries' economic positions.

Structural reform

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

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 policy in simple and mechanical ways.

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


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