However, the United States, with 17.67 percent share of the fund's quotas, still retains the veto on the IMF's decision-making, while reforms in other key international organizations remain sluggish at best.
With the Group of 20 mechanism virtually succeeding the Group of 8 regime to become the world's major forum for cooperation and consultation, it seems that the economically distressed developed economies have grudgingly realized that without the participation of developing and even less-developed nations, it would be impossible to settle problems like the lingering global economic crisis, food security, climate change, and trade protectionism.
Clearly, greater participation entails more responsibilities, while more responsibilities should go with corresponding rights.
However, the rising rights requirements do not necessarily mean that developing and under-developed nations are plotting for a comprehensive remaking of the current world order. They are just trying to promote their rightful place in global governance.
Therefore, as long as their legitimate rights and interests are not intentionally overlooked, the club of wealthy nations has no reason to feel threatened.
As the biggest beneficiaries of free trade, globalization and industrialization, the Western powers should also stop shirking their due responsibilities when it comes to fixing problems like climate change, and the principle of common but differentiated responsibilities should always be the cornerstone of future regime of global governance.
As the new CPC leadership stands ready, China will continue to work closely with its fellow developing and less-developed countries in building a more democratic and equal global governance system.
China would also join all nations and regions worldwide to work for lasting peace and common prosperity.
Landmark building should respect the public's feeling
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