Lagarde’s visit to China to promote IMF reform 17
, after a lapse of four months, the International Monetary Fund (IMF), president of Christie Donna Christine Lagarde, to visit China again, this is the second visit to China since Lagarde took office less than a year.
According to Xinhua News Agency, Chinese Vice Premier Wang Qishan and the People’s Bank of China Governor Zhou Xiaochuan yesterday, respectively, met with Christine Lagarde. IMF spokesman Gary Rice said the two sides discussed issues including the international economic situation, the European debt crisis on Asia and China and the IMF reform.
today, Lagarde will be in Beijing to attend the “China Development Forum 2012″ and made an opening statement. Chinese Vice Premier Li Keqiang will make the keynote speech.
the focus of discussion
urged Member States to complete the IMF reform as soon as possible
visit to China, Lagarde to discuss with senior Chinese a key issue is the IMF’s reform process. Lagarde’s visit to China the day before, the IMF issued a statement, urged Member States to ratify the 2010 IMF governance and share reform program. Under the program, in 2012, China’s share in the IMF’s internal will rise to 6.39% voting rights from the current 3.65% to 6.07%, after the United States and Japan.
Based on the above reform program, the IMF’s capital will be increased to double the proportion of the share of the Member States will also be adjusted, developed countries will be transferred to a 6% share to dynamic emerging markets and developing countries. In addition, after the completion of the reform of the Executive Board, European countries will give up two seats, in order to improve the representation of emerging markets and developing countries in the Board.
the IMF Executive Board reform program needs the approval of the Member States accounted for 85% of the voting rights, while the share reform program accounted for the approval of the share of not less than 70% of the member.
the IMF said in a statement that the 89 member States to ratify the existing share of 53.14% as of March 12, the share reform program, the right to vote accounted for 45.36% of the 66 member States to ratify the reform of the Board’s programs. The two proportions are not through the program. The IMF plans to complete the reform before the October 2012 World Bank and IMF Annual Meetings.
the IMF share of the increase is double-edged sword. “
the IMF members share to calculate the distribution of economic indicators based on national GDP, current account, foreign exchange reserves. Member States need to pay funds to the IMF according to members of the share, but also to obtain the corresponding proportion of the voting rights, right to the use of funds, as well as the International Monetary IMF issued SDRs.
after this reform, China not only from the IMF a greater number of loans, but also to achieve greater voting rights in the IMF’s major lending issues and international economic issues.
Analysts pointed out that the IMF share of the upgrade is a “double-edged sword”, the power is always with the obligations, the IMF expects China’s behavior will be consistent with the importance and role.
share rose to bring pressure on China’s monetary policy, and the IMF does have provisions prohibiting a currency manipulator, but so far no Chinese spend. Increase the share does not mean that China will need to act in accordance with the requirements of the Western countries, China needs to explain his position, to prevent the developed countries the opportunity to exchange rate issue to make a fuss.
text/reporter Yang Zheng intern Iraq Jin Jiang
the other 46.23%
reform of the IMF share
United States 17.4%
accounted for the IMF share
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