China Calls for Greater Voice, Representation for Emerging, Developing Economies in IFIs

Zhou Xiaochuan, governor of the People's Bank of China, attends a press conference on the China-U.S. Strategic and Economic Diallogue in Washington, July 28, 2009.(Xinhua/Zhang Yan)

China's Central Bank Governor Zhou Xiaochuan Tuesday called for greater voice and representation for emerging and developing economies in the international financial institutions (IFIs).

"China and the United States agree that to strengthen the effectiveness and legitimacy of the IFIs both countries must enhance their governance and ensure it fully reflects change in the world economy," Zhou said during the two-day China-U.S. Strategic and Economic Dialogue which kicked off on Monday.

"In this regard, emerging and developing economies, including China, should have greater voices and representation," he said, adding that the United States also supports qualified candidates from China being given full consideration to assume high-level positions in IFIs. "China and the U.S. pledge to work together to reform IFIs in order to ensure they are responsive to the needs of developing countries, and strengthen their capacity to prevent and respond to future crisis," said Zhou.

He said China and the United States also agreed in the discussions to expedite financial sector reform and improve financial regulation and supervision to make their financial sectors more robust, and promote greater financial market transparency.

(Source: Xinhua)