China's voting power in World Bank ascends to third place (3)

08:19, April 26, 2010      

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Chinese Finance Minister Xie Xuren welcomed the shift.

Consensus reached on the voice reform package "represents an important step towards equitable voting power between developing and developed members," said Xie in a statement.

"This also demonstrates that Development Committee can play a pivotal role in improving the World Bank's governance and promoting global development," he stressed.

But he also said the achievement is "only part of the ongoing process," noting China supports periodic review of International Bank for Reconstruction and Development (IBRD) shareholding in future.

China's voting power in World Bank ascends to third place 2010-04-26 01:11:43 FeedbackPrintRSS

The IBRD is the original institution of the World Bank Group and normally represents the group.

"The future shareholding principles should continue to be based on economic weight, give full consideration of developing countries' contribution to IBRD as development partners, and aim to achieve the ultimate goal of equitable voting power between developing countries and developed countries," he added.

"We call for continuous close collaboration from all shareholders on IBRD's Voice and Participation Reform," said the minister.

Source: Xinhua
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