Whither financial reform

US still holds sway in global financial system, causing huge disparity in world wealth distribution

Some influential US media outlets have carried opinion pieces saying China is the biggest beneficiary of the global financial crisis. China's fast economic growth, the greater say it enjoys in international financial agencies and its overseas acquisitions have been cited as evidence to prove their claim.

China's economic achievements are indeed noteworthy. It contributed 50 percent to the growth of the world economy in the past year. But the global economic recovery, spearheaded by China and other emerging countries, has not changed the decades-old imbalanced distribution of global wealth.