China's voting power in World Bank ascends to third place (2)

08:19, April 26, 2010      

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"Today was a good day for multilateralism," said Zoellick. " This shift of shares is agreed by our shareholders. They try to recognize the change in the world economy and include the contribution to the development in the methods, which can encourage developing countries in transition."

"The bank has a very proud and successful relationship with China and this year is our 30th anniversary. I look forward to going to China later this year and helping celebrate it," said the World Bank chief.

U.S. Treasury Secretary Timothy Geithner said earlier Sunday that the change in voting power would reflect the growing shift in power away from established nations.

"The new formula will better reflect the weight of the developing and transition countries in the global economy, while protecting the voice of the smallest and poorest countries," he said in a statement.

"Because we believe this overall outcome merits our strong endorsement, the United States agreed not to take up its full shareholding in this new arrangement," he said.

The United States currently still holds a 16.4-percent voting share in the World Bank, and Japan 7.9-percent.


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(Editor:赵晨雁)

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