Editorials

A resounding vote

(China Daily)
Updated: 2010-04-27 07:59

Editor's note: China's rising influence in the World Bank means it will have a bigger role in promoting the equitable and balanced development of the world.

When the World Bank elevated the voting power of China, it reflected two things: Its recognition of the nation's role in the developing world and the changing economic landscape in the world.

On Sunday, bank members voted to place China's voting power in the organization behind the United States and Japan. The country's stake in the bank climbed from 2.8 percent to 4.4 percent.

The decision comes amid increasing calls, especially from developing nations, to give developing and emerging economies more say and participation in the global financial framework.

The move is a significant step toward equitable voting power between developing and developed bank members. The developing world will have a bigger voice in promoting global development. It will also have a positive impact on global financial system reform.

Developing economies such as China's have been increasingly looked upon as one of the main forces behind the global economic recovery. Their eye-catching economic growth also paved the way for the building of a multipolar world. The international community must come to terms with this reality and adjust how major financial frameworks are governed.

China's rising influence in the World Bank means it will have a bigger role in promoting the equitable and balanced development of the world. The country will have more chances to share its experiences and practices in alleviating poverty within the framework of the World Bank.

A recent report from the bank indicates that the global financial turmoil pushed 64 million people into abject poverty last year. Given that China has made many achievements in eradicating poverty, we have reasons to believe the country will contribute more to global efforts on poverty reduction.

(China Daily 04/27/2010 page8)