In the world financial system, China's voice and responsibility

By: tomas s

The World Bank has developed to developing countries through the transfer of voting rights reform, the reform to the voting rights of the Bank of China from the current 2.77% to 4.42%, as the World Bank, the country's third largest shareholder , after the United States and Japan. Public opinion immediately proud to say: "World Bank voting reform, China has become the big winners." We would rather see it as China's financial system in the world's voice began to improve, because it is only one side of the coin, the other side is: the world economic order in China and more important responsibilities.
The reforms, developed countries to developing countries and emerging market economies were transferred 3.13 percent of the voting rights, voting rights of developing countries as a whole increased from 44.06% to 47.19%. China is a developing country, but also in emerging market economies, the World Bank in China to improve not only the right to vote and China.
Example of world commodity markets, oil, coal, iron ore, as China pattern in significant changes in factor markets; not yet completely over the international financial crisis because China's economy to recover first, a strong impetus to world economic recovery; the Chinese economy total in the world is sitting three second look, so the voting rights of the World Bank ranked third is normal.
Therefore, the improvement of the Bank the right to vote, only the voice of China's financial improvement and will not be worth too much pride.
First, the reform of the voting rights before the United States more than 16% of the voting rights after the reform into the United States 15.85%. As any important resolution must be more than 85% of the voting rights to determine why the United States still retains veto power. If in Europe, Germany, Britain, France and Japan total of 18.34%, also the formation of the veto. China is only 4.42%, even if the count Russia and India, only 10.1%.
Second and more importantly, as mentioned above, along with the increase of China the right to speak, along with China the right to vote at the Bank increased the responsibility on China to improve.
China's responsibility to improve, is the most direct commitment of the Bank's share capital increase, which is now less of a problem for China. As the world trading system more open and responsible manner, it is always hard. The key lies in China's domestic market mechanisms and to further standardize the market order had to improve.
World Bank's primary role is to assist developing countries. It's main investment direction is: to provide basic health and education services; Support and encourage private enterprise development; to strengthen the capacity of government, increase transparency and provide quality services; Promote reform, creating a favorable investment and long-term planning of a stable macroeconomic environment; focus on social development, participation, good governance and institution-building, be regarded as a key element for poverty reduction.
The World Bank is helping countries to consolidate and strengthen the attraction of private investment needs to maintain a basic requirement. Governments help of World Bank funds and advisory services to implement a comprehensive economic reform, strengthen the banking system, investment in human resources, infrastructure and environmental protection, and thereby enhance the attractiveness of private investment and its benefits. These are the Chinese are doing and need to do. Particularly in attracting private investment and improve the effectiveness of private investment, although China introduced the policy of many papers, however, enjoy equal treatment in respect of private capital, there are still many "glass threshold."
China's domestic market, further improvement of standards also require the help of the World Bank also needs its own efforts. Without improvement of standards in China's market economy system, it also alone make any financial system in China in the international discourse of responsibility and authority?
In this sense, as China's rapid development, China's international economic and political position must be higher, other countries in the world, the Chinese also will have higher expectations. But all will turn to our domestic economic and even political conditions make high demands, and thus exerted great pressure - if you but hard to expect you to play a greater role? Take the World Bank to improve China's voting power, the most direct impact on China's financial reform and liberalization of the formation of a strong RMB Forced.

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