Revising IMF quotas crucial to China

TORONTO - China said on Saturday that it expects to finalize its consultations on the International Monetary Fund (IMF)'s quota reform with G20 partners before the G20 Seoul summit in November.

"It's our belief that the reform of the IMF, particularly its quota reform, is critical," said Zhang Tao, director-general of the international department with the People's Bank of China (PBOC), at a news briefing of the Chinese delegation at the G20 summit. "I believe we should build on the quota reform of the IMF to comprehensively and fully advance its overall governance and functional reform."

China believes that emerging economies should play an increasing role in the IMF and the World Bank, so both institutions should assign more voting rights to emerging economies.