China urges more developing countries' voice in IMF
Updated: 2006-09-17 11:19

Hu Xiaolian, Deputy Governor of the People's Bank of China, Saturday called for enhancing developing countries' voice in the International Monetary Fund (IMF).

"Developing countries not only account for a majority of the Fund's membership but also are main participants in its program," said Hu at the 76th G24 Ministers Meeting held in Singapore Saturday.

She noted that the Fund's quota reform is at a critical juncture and developed countries should adopt a pragmatic and flexible approach to enhance developing countries' voices.

"We call for a large increase in basic votes and the establishment of a stable mechanism whereby basic votes account for an appropriate percentage of the quota," Hu said.

Noting that the Doha Round negotiations at a standstill, Hu said the multilateral trade system is being seriously tested. She called on developed countries to facilitate an early resumption of negotiations with stronger political will.

On Millennium Development Goals (MDGs), Hu said that poverty reduction is the most important task in achieving MDGs for developing countries. She urged developed countries to bring their official development aid to poor countries to 0.7 percent of their GNP, as set by the United Nations, as soon as possible.

She noted that China, as a developing country and facing many challenges in its own development process, has provided development assistance to other developing countries commensurate with its capacity.

So far, China has signed debt relief agreements with 46 countries in the world, resulting in the cancellation of 208 past- due debts, equivalent to 17 billion yuan (about 2.1 billion U.S. dollars), said Hu.