Source: CCTV.com

03-24-2009 11:15

Special Report:   G20 Summit in London

As developing countries contribute more to the world economy, they also hope for more representative power in the process of global financial reforms.

Finance ministers of major emerging countries including Russia, Brazil, India and China, have all called for reforms in international financial institutions such as the World Bank and the International Monetary Fund.

As developing countries contribute more to the world economy, they also hope for more representative power in the process of global financial reforms.
As developing countries contribute more to the world economy,
they also hope for more representative power in the process 
of global financial reforms.

They suggest that developing countries should have a bigger say in the reform process. In the current IMF structure, China, the world's third largest economy, has a 3.7 percent voting stake. EU member nations have 32 percent in total, while the US has 17 percent.

According to IMF rules, big proposals have to be approved by 85 percent of votes, so the US actually has the ability to stop a proposal being approved.

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Editor:Qin Yongjing