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China Urges IMF to Give More Power to Emerging Markets

16 January 2014

China called on International Monetary Fund (IMF) member nations on Wednesday to stick to a commitment to give emerging markets more power at the global lender after US lawmakers set back historic reforms that would give developing countries a greater say. The remarks by Chinese Foreign Ministry spokesman Hong Lei were an indirect criticism of the United States, where lawmakers failed on Monday to agree on funding measures needed for the reforms to move forward. The US Congress must sign off on the IMF funding to complete 2010 reforms that would make China the IMF’s third-largest member and reduce the dominance of Western Europe.—Reuters