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Scholar: International Financial Reform Does Not Give China More Voice

In an interview with the official Outlook Weekly magazine, Jiang Yong, a scholar with the China Institute of Contemporary International Relations, said that the international financial reform has not given China more of a real voice. Since April 2010, China’s voting right in the World Bank has risen from 2.77% to 4.42%, second only to the U.S. and Japan. Its voting power in the IMF jumped to 3rd place, after the U.S. and Japan. However, “After the reforms, the U.S. still sits in the top position at the World Bank and it retains a one-vote veto with its shares at the IMF. Although the EU countries ‘gave up’ some shares, they still retain a veto power. The fact that the top decisions on the world economy and financial system fall into the hands of Western developed countries hasn’t change,” said Jiang. He believes that if others control a country financially, the impact will be felt not only in financial security, but also in economic and national safety.

Source: Outlook Weekly, May 23, 2011