A financial body in need of urgent reform

China has become the largest contributor to the International Monetary Fund (IMF) after the United States and Japan. At the G20 Summit in London last week, China said it would contribute $40 billion to the IMF, the largest by a developing nation during an economic crisis.

China's contribution indicates it is committed to fulfilling its responsibility as an economic power and wants to push for the implementation of the IMF's plan to boost global credit recovery, economic growth and employment.

China has become a member of the newly established Financial Stability Board (FSB). But even before that it had been willing to undertake more international responsibility with other FSB members, and its contribution proves it is ready to do everything possible to support the IMF's and the World Bank's financing programs. The country's $40 billion contribution should boost global fluidity and greatly increase the IMF's capacity to help its member economies tackle the global financial crisis.