China's voting power in WB rises to 3rd place
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"We were just pleased that we are getting close to reflecting China's increasing share in world economy, and that is reflected in edited voting share," World Bank President Robert Zoellick told Xinhua after the Development Committee meeting.
"Today was a good day for multilateralism," said Zoellick. " This shift of shares is agreed by our shareholders. They try to recognize the change in the world economy and include the contribution to the development in the methods, which can encourage developing countries in transition."
"The bank has a very proud and successful relationship with China and this year is our 30th anniversary. I look forward to going to China later this year and helping celebrate it," said the World Bank chief.
U.S. Treasury Secretary Timothy Geithner said earlier Sunday that the change in voting power would reflect the growing shift in power away from established nations.
"The new formula will better reflect the weight of the developing and transition countries in the global economy, while protecting the voice of the smallest and poorest countries," he said in a statement.
"Because we believe this overall outcome merits our strong endorsement, the United States agreed not to take up its full shareholding in this new arrangement," he said.
The United States currently still holds a 16.4-percent voting share in the World Bank, and Japan 7.9-percent.
Chinese Finance Minister Xie Xuren welcomed the shift.
Consensus reached on the voice reform package "represents an important step towards equitable voting power between developing and developed members," said Xie in a statement.
"This also demonstrates that Development Committee can play a pivotal role in improving the World Bank's governance and promoting global development," he stressed.
But he also said the achievement is "only part of the ongoing process," noting China supports periodic review of International Bank for Reconstruction and Development (IBRD) shareholding in future.
The IBRD is the original institution of the World Bank Group and normally represents the group.
"The future shareholding principles should continue to be based on economic weight, give full consideration of developing countries' contribution to IBRD as development partners, and aim to achieve the ultimate goal of equitable voting power between developing countries and developed countries," he added.
"We call for continuous close collaboration from all shareholders on IBRD's Voice and Participation Reform," said the minister.
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