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Emerging economies should be 'given bigger role

By He Dan  (China Daily)

10:19, December 17, 2012

China and other emerging economies deserve a bigger say in the decision-making process if global decision-making bodies are to remain relevant, a UN official said.

Action is needed to reform bodies to adapt to the new role of developing countries and emerging powers or they will risk losing relevance, said Rebeca Grynspan, undersecretary-general of the UN and associate administrator of the UN Development Program.

"We need to avoid countries increasingly pursuing avenues that undermine the effectiveness of existing governance systems. We need to pursue complementarities in our efforts and reinforce existing institutions," she said in an interview on Friday. Grynspan is on an eight-day visit to China that ends on Monday.

The IMF adopted a package of measures in 2011, including quota increases for 54 countries. This resulted in China, Brazil, Russia and India being among the top 10 shareholders.

"The time has come to define a new role for developing countries as actors in a more fair, open, accountable and effective global system ," she said.

As the largest developing country and second-largest economy in the world, "China can use its increased influence to demand a greater say for developing countries in the international arena", Grynspan said.

Grynspan will attend the Global Governance Forum, jointly held by the UNDP and the China Center for International Economic Exchanges, in Beijing on Monday. The forum will focus on how China and other emerging economies can contribute to global governance.

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