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World Bank Boosts China's Voting Power

  • VOA News

World Bank Boosts China's Voting Power

The World Bank has boosted China's clout by giving Beijing more voting power to influence the 186-nation global development institution.

World Bank President Robert Zoellick said Sunday in Washington that China's voting share increased because of its growth in the world economy.

China's voting power rose from 2.7 percent to 4.42 percent. China is now the third-most influential World Bank member, behind the United States and Japan.



The move is part of a larger reform to give more voting power to the developing world. Developing countries now have voting rights of more than 47 percent.

Zoellick told reporters the World Bank recognizes it needs to move beyond the outdated concept that some countries belong to the so-called "third world."

Zoellick said the world is moving toward a fast-evolving multipolar economy.

In addition to increasing the voting power of developing countries, World Bank member countries agreed to increase the institution's lending resources by more than $86 billion to make up for heavy lending during the world financial crisis.

Zoellick said the increased capital means the bank will not have to cut back lending in the second half of 2010. He said more than half the money came from developing countries.

Meanwhile, participants at the World Bank meeting and a meeting of the International Monetary Fund, also in Washington, discussed financial assistance to help Greece deal with its debt crisis.

Greek Finance Minister George Papaconstantinou said he hoped to have an agreement for aid by early May. That would help the struggling European country avoid defaulting on its debt.

Greece is seeking a loan of about $40 billion from European countries and $13 billion from the IMF to help with its more than $400 billion in public debt.

Papaconstantinou said the loan will include strong conditions on financial reform to reassure lenders as well as Greek citizens the government is taking steps to end the crisis.



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