Opinion
WB voting power shift reflects developing countries' increasing clout
(Xinhua)
Updated: 2010-04-27 16:24
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BEIJING: The latest increase in developing countries' voting power in the World Bank reflects both their potential and rising prominence on the global economic landscape.
The World Bank Development Committee Sunday announced developing countries' voting power in the bank, with a hike of 3.13 percentage points, was raised to 47.19 percent.
China's share increased to 4.42 percent from 2.77 percent, making it the third largest shareholder in the Washington-based international financial institution.
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It also mirrors the change in the world's economic hierarchy in recent years, which witnessed the rise of emerging economies, represented by the so-called BRIC countries -- Brazil, Russia, India and China.
The trend was particularly conspicuous during the world financial crisis. The Group of 20, which included major developed and developing economies, outweighed the Group of 7, which comprised only the seven most developed economies, as the international platform to cope with the crisis.
World Bank President Robert Zoellick said the bank "made important strides of increasing the voice and influence of developing countries at the World Bank Group. The endorsement of the shift in voting power is crucial for the bank's legitimacy."
The shift in voting power was also a boost to other international financial institutions' reform.
For example, the IMF is considering similar changes. The International Monetary and Financial Committee, the IMF's policy committee, urged all IMF members to promptly consent to the 2008 quota and voice reform in line with the parameters agreed in Istanbul that would move a 5 percent quota to developing countries.
China's voting power has noticeably increased this time in recognition of China's rapid economic rise and contributions to World Bank development.
As the world's third biggest economy, China has all along adhered to the opening-up economic strategy of mutual benefit. Moreover, amid the global financial crisis, China was still carefully fulfilling its aid promises to the least developing countries, especially some African nations.
There is good reason to believe that China, after having more say in the World Bank, will continue to honor its international obligations, strengthen cooperation with the World Bank, and play a more constructive role in the world financial system.
