Nomination of China's Zhu as deputy chief has global significance

14:25, July 14, 2011      

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The nomination by the International Monetary Fund of a Chinese economist as its deputy chief has worldwide significance, representing progress in the democratization of international economic governance and an increasing global influence that emerging economies are exerting.

The IMF announced Tuesday that Managing Director Christine Lagarde has proposed appointing Zhu Min deputy managing director.

If approved by the IMF's executive board, Zhu would become the first Chinese to secure the high-ranking position at the Washington-based global lender.

Lagarde has proposed that Zhu, currently special advisor to the managing director, assume his duties in the newly created position on July 26, in collaboration with the IMF's three other deputy managing directors.

Choosing Zhu is directly related with his outstanding personal talent and is a decision made through democratic negotiations and based on the principles of openness, transparency and merit.

Zhu, 59, has a government, market and academic background. The former deputy governor of the People's Bank of China, earned his doctorate at Johns Hopkins University and a master's degree at Princeton University. Zhu has served as a World Bank economist.

Since becoming special advisor to the IMF managing director in May 2010, Zhu has played an important role in the agency's understanding of emerging economies and improving relations between the two parties.

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