China deserves greater role in IMF's reform

All G20 summits are important, but the continuing global financial crisis has added to the weight of the one scheduled for early next month. That's why last week meeting of the finance ministers and central bank chiefs of G20 countries to prepare for the all-important summit drew unprecedented attention.

The focus of the participants at the weekend meeting was on how to tackle the financial crisis, reconstruct the flagging global financial system and reform the international financial organs. Despite differing on a variety of issues, the financial and central bank chiefs agreed to increase the funding of the International Monetary Fund (IMF) and expedite its reform.

Along with these came the call of the finance ministers of Brazil, Russia, India and China (or BRIC) that the IMF has to carry out sweeping reforms to adapt to the ever-changing global financial situation. The four countries said effective steps should be taken to increase their say and representation in the world monetary body, too.