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China urges IMF to give more power to emerging markets Updated: 2014-01-16 22:22:55 KST

 China urges IMF to give more power to emerging markets
Chinese Foreign Ministry spokesman Hong Lei has called on International Monetary Fund member nations to implement a plan that would give emerging markets more power and representation within the organization.
His remarks on Wednesday seemed to target the U.S., which is the IMF's largest veto power, after its lawmakers Monday failed to agree on funding measures needed for the reforms to progress.
The reforms were first approved by IMF member countries in 2010.
The reform package seeks to double the fund's lending capacity to more than 730 billion U.S. dollars and shift voting shares to emerging markets and under-represented countries.
The IMF had previously intended to put the reforms into effect before October 2012, but the U.S. Congress is apparently in no hurry to approve any changes.
Conservative U.S. House Republicans oppose the plan, which will shift more power to countries such as China, India and Brazil.
They also see the reforms as tantamount to approving fresh funding in a tight budget environment.
IMF Managing Director Christine Lagarde expressed her disappointment with the setback, but added that she is hopeful the U.S. administration will continue to work on securing the necessary legislative authorization for the changes.
Sohn Jung-in, Arirang News.
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