China's Voting Rights In IMF Rose To 3&Nbsp; &Nbsp; Japan And The United States Still Have An Overwhelming Advantage.

　　 International Monetary Fund (IMF) The Executive Board reached an agreement on the share and governance reform plan on 6 Beijing time. After the share reform is completed, China Of share From the current 3.72% to 6.39%, the right to vote will also rise from 3.65% to 6.07%, surpassing Germany, France and the United Kingdom. U.S.A and Japan After that, it gets bigger in this international organization. discourse power 。

According to the plan, the BRIC countries (China, India, Russia and Brazil) will rank the top ten. India's share grew by 0.309 percentage points to 2.751%, from eleventh to eighth, Russia increased 0.212 percentage points to 2.706%, from tenth to ninth, and Brazil increased 0.533 percentage points to 2.316%, from fourteenth to fourteenth. At the same time, European countries will give up two seats at the Executive Board of IM F to enhance the representativeness of the executive board in emerging and developing countries.

Although Kahn, President of IM F, called this share reform "the most important governance reform plan in the past 65 years in the establishment of IM F", some analysts believe that this can only be regarded as a beginning of the reform of IM F share. In terms of the right to decide on major issues, developed countries still have the advantages that developing countries can not compete with, such as the veto power of one vote. In fact, many countries in the world think that the calculation method and governance structure of IM F need to be reformed.

According to The Associated Press, the British Famine Relief Committee of Oxford said that the current shift to emerging economies is not enough, Philippines's population is about 200 times that of Luxemburg, but its share is less than that of Luxemburg. Canada's finance minister Flaherty also said that in improving the internal governance of IM F, we need to reform the effectiveness, credibility and rationality of IM F. He believes that it is necessary to increase ministerial participation in various matters of IM F, further clarify the roles and responsibilities of various institutions in the IM F governance structure, and select senior managers according to the principles of openness, transparency and performance based rather than considering the nationality of candidates.

Kahn said that the reform of IM F share and voting rights is a "dynamic" process. Given the good economic development of emerging economies such as China and India, it is possible to get more voice in the next round of share and voting reform in IM F2014.

Some analysts believe that while developing countries share more, they will also bear more responsibilities. They should also be vigilant against the responsibilities of some developed countries. IM F, Japan's representative and director Ote Kawadaisuke, pointed out that in the past ten years, Japan has provided an average of $ten billion in aid to developing countries every year. Such responsibilities are clearly not affordable for many emerging economies at the moment.

At present, China's economic status is rising. The promotion of the right to speak in IM F shows the world's recognition of China's economic status. However, China's gross domestic product ranks third in the world, and its per capita level is only about 1/10 of that of developed countries. Zhou Xiaochuan, governor of the people's Bank of China, has said that China has never said that it will not assume more responsibilities. China has subscribed for 50 billion US dollars of IM F bonds in support of the financial crisis.

The agreement reached between the finance ministers of the group of twenty finance ministers and the central bank governor last month in Qingzhou, South Korea, and IM F will shift more than 6% of its share to countries with insufficient representation including emerging countries by 2012. According to Agence France-Presse, the implementation of the IM F executive board has to meet some requirements after the adoption of the Executive Board of directors, such as the approval of the finance ministers of the central bank and the approval of the majority of the domestic legislative bodies of the member states. At present, IM F says it will ask all Member States to expedite the examination and approval procedures and strive for the formal implementation of this round of share reform plan before the 2012 annual meeting of the fund.