China ‘deeply disappointed’ by America’s snub of IMF reform

China's President Xi Jinping (left) and his wife Peng Liyuan arrive at Auckland International Airport on November 19, 2014. FILE PHOTO | AFP

What you need to know:

  • The US Congress earlier this week failed to ratify a new set of crucial governance and funding measures contained in the 2010 reform plan, forcing the IMF board to explore “alternative options”.
  • The reforms to the fund’s membership quota system — essentially its shareholding — would both strengthen the global crisis lender’s funding and also give countries such as China and Russia greater say in its development.

BEIJING

Beijing said Friday it was “deeply disappointed” that Washington refused to back plans to reform the International Monetary Fund, which would give emerging economies such as China a greater say in the institution.

The US Congress earlier this week failed to ratify a new set of crucial governance and funding measures contained in the 2010 reform plan, forcing the IMF board to explore “alternative options”.

The reforms to the fund’s membership quota system — essentially its shareholding — would both strengthen the global crisis lender’s funding and also give countries such as China and Russia greater say in its development.

“China is deeply disappointed by the US parliament’s failure to make the IMF 2010 funding and governance reform spending legislation,” foreign ministry spokesman Hong Lei said at a regular briefing in Beijing.

“Implementing the 2010 funding and governance reform is crucial for maintaining the credibility, effectiveness and legality of the IMF.”

China will continue to urge Washington to back the plan, the spokesman said.