Emerging economies need more representation

The emerging economies remain under-represented in various global economic regimes, but there could be some substantial changes in the coming two years in terms of their representation in organizations such as the International Monetary Fund (IMF), according to a leading scholar from the Chinese Academy of Social Sciences (CASS).

"The emerging economies are becoming indispensable," said Zhang Yuyan, director of the CASS Institute of World Economics and Politics. "It is premature for them to set the global agenda, but without their involvement, any major agenda set by the developed countries would not work," he said.

Organizations such as the IMF are set to make some major changes in line with the growing importance of emerging economies, he said. "It could happen in the coming two years," said Zhang, who has written a report on emerging economies for the Boao Forum for Asia.