China Review News (CRN) recently published a commentary on the fact that China made a US$43 billion contribution to the International Monetary Fund (IMF) as a way of helping Europe. The announcement was made at the G20 meeting that was recently held in Mexico. The commentary emphasized that the size of the Chinese contribution is the third largest, after Japan and Germany. However, the country controlling the largest voting share in the IMF, the United States, did not offer a single penny. The author expressed the belief that this is one important means China is using to have more say in the IMF, where the United States has veto power and Europe has chaired the organization for over 60 years. The commentator suggested that some cost may be involved on the side of the emerging countries in the process of changing the “unfair” situation and obtaining more control.
Source: China Review News, June 28, 2012