Intl financial framework evolved amid new emerging global economy landscape
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As the International Monetary Fund-World Bank spring meetings concluded on Sunday, a new era for the world financial system has taken shape.
During the meetings, world financial leaders recognized the changes in world economic landscape, urged consistent approach to continuing reforms of the financial sector, while remained vigilant to potential downward risks in the global recovery.
Multi-polar world economy
One of the greatest achievements of the meetings should be the rise of developing countries in the world economy.
To implement the agreements reached at the Pittsburgh G20 Summit in September 2009 and the Istanbul Development Committee in October 2009, the World Bank announced Sunday it has decided to increase the voting power of developing countries by 3.13 percent, to 47.19 percent.
World Bank President Robert Zoellick said the new changes in the organization's voting power reflect developing countries' rise in the world economy.
The World 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," said Zoellick.
China, whose votes increased to 4.42 percent from 2.77 percent, has become the third largest voting power holder in the Washington-based international institution.
IMF is also considering similar changes. International Monetary and Financial Committee (IMFC), IMF's policy committee, urged on Saturday all IMF members to promptly consent to the 2008 quota and voice reform, and pledged to complete the quota review before January 2011 in line with the parameters agreed in Istanbul that would move 5 percent quota to developing countries.
According to IMF's latest World Economic Outlook report, growth rates of developing countries are and will be much faster than the advanced economies, increasing their weight in the global economy.
