China’s foothold has just been rooted.
China has been promoted to number three on the IMF board, behind Japan and the United States.
Brazil, Germany, India, Italy and Russia increase the number of the top five to the top ten.
The US retains veto power with their 17 percent vote on a board that requires 85% of the vote to accomplish anything.
IMF Managing Director Dominique Strauss-Kahn stated that having a bigger say in the IMF came with greater responsibility in the global economy; and China recognizes this.
“I think (IMF reforms) may have an influence on the behaviour of the Chinese authorities. They were willing to have this position, they were willing to be better represented in the IMF, which shows they do care about multilateral institutions,” he said. “I expect they will behave, or have in mind the importance of their role.”
Research China’s role in the IMF here;
Reuters article here;