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China airs its opinion about IMF chief choice
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21:00, July 12, 2007

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China on Thursday said the voices of developing nations should be heard when appointing the new chief of the International Monetary Fund (IMF).

"When it comes to naming the IMF head, the concerns and demands of the developing countries should be fully accommodated," Chinese Foreign Ministry spokesman Qin Gang told a regular briefing.

Qin's comments came after the European Union on Tuesday decided to back former French Finance Minister Dominique Strauss-Kahn to head the financial institution.
Current IMF chief Rodrigo Rato announced last month that he would step down in October for personal reasons, ending his five-year term two years early.

Qin said China will study the EU's decision and consult with other IMF members on the choice of the chief.

Europeans and Americans have traditionally carved up the top jobs in world finance between them, with the IMF traditionally led by a European, and its sister organization, the World Bank, headed by an American, under a so-called gentleman's deal.

The World Bank last month unanimously approved former U.S. Deputy Secretary of State Robert Zoellick as its new president.

Both institutions have been under increasing pressure to give more say to other members and developing countries about issues such as the choice of their respective leaders.

Source: Xinhua



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