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International Herald Leader: Break the U.S.’ Hold over World Bank Presidency

The International Herald Leader put forth an argument that China should work toward breaking the tradition that the U.S. holds the Presidency at the World Bank. “The developed countries’ actual share of and influence over the world economy is decreasing. The share of the new economies represented by the BRIC countries is rapidly increasing.” The decision on the Presidency needs to reflect the new world order. Also, letting the U.S., which has only 16% of the World Bank’s voting power, control the president’s position is unfair to other countries that have 84% of  the voting power. “There should be a ‘new game’ for the new candidate. U.S. internal politics should not be the determining factor; it should be determined by the major country members of the international finance system and the economic system.”

According to the article, China does not expect to see a game change this time, but it should openly express its dissatisfaction and consolidate support from other countries. “On the decision of Managing Director of the International Monetary Fund, France’s Lagarde paid a visit to China and to other new economies before she was appointed and also addressed China’s interest in the IMF’s quota and voting share reform. China can duplicate this success at the World Bank.”

Source: Xinhua, February 24, 2012