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A proposal to boost China's voting rights by the International Monetary Fund (IMF) wasn't designed to increase pressure on Beijing to make its exchange rate more flexible or undertake other policy changes, IMF chief Rodrigo de Rato said yesterday.

 

The 184-member institution plans to adjust its existing structure by immediately boosting the quotas of China, South Korea, Turkey and Mexico. They'll rework the voting rights of all member nations within two years.

 

While most countries back the plan, ensuring its passage today, the Group of Seven industrialized powers dominating the IMF have at the same time been urging China to ease its controls on the currency exchange rate.

 

Welcoming the IMF's move, Zhou Xiaochuan, governor of the People's Bank of China, reiterated that the country would reform its foreign exchange regime in a "gradual, effective, and controllable" way.

 

Zhou said China was a big country and had to consider many aspects in its policymaking. He downplayed the role of the yuan's exchange rate in resolving global trade imbalances. "Structural policy plays a much larger role compared to the exchange rate," he said.

 

De Rato said the move to boost China's voting share was simply recognition of its economic strength and was not linked to any reciprocal action. "The international community recognizes that China has increased its role in the world economy," de Rato told reporters. "I don't think a bigger role in the institution (IMF) makes you subject to more pressures."

 

Being an IMF member China is already under its surveillance and the fund regularly communicates its view on the challenges confronting the Chinese economy just as it does with all other member countries, De Rato said. However, he acknowledged that more power often brought more responsibility.

 

A bigger voice at the IMF "would allow you to express your views but, of course, you'll listen to the views of others," he said. "That happens to the first shareholder and the last shareholder."

 

Plans to overhaul the 61-year-old IMF, the balance of power still largely reflects the economic landscape at the end of World War II, has been given the green light by their International Monetary and Financial Committee.

 

Under the proposals China's share of total IMF voting rights would rise to 3.65 from 2.94 percent, South Korea's would increase to 1.33 percent from 0.76, Mexico would go to 1.43 percent from 1.20 with Turkey's rise to 0.55 percent from 0.45.

 

The plan now goes to the full 184-strong IMF membership for final approval with an announcement of the result expected tomorrow.

 

On Saturday, Hu Xiaolian, deputy governor of the People's Bank of China, called for a greater say for the voices of developing countries to be heard within the IMF. "Developing countries not only account for a majority of the Fund's membership but are also main participants in its program," said Hu at the 76th G24 Ministers Meeting.

 

She noted the IMF's quota reform was at a critical juncture and developed countries should adopt a pragmatic and flexible approach to enhance the voices of developing countries. "We call for a large increase in basic votes and the establishment of a stable mechanism whereby those votes account for an appropriate percentage of the quota," Hu said.

 

Asian nations, backed by Japan, as well as developing countries have long been pushing for a greater say within the IMF which, during its six-decade life, has been dominated by the US, Europe and Japan.

 

The four countries to benefit from a boost in voting stature are said by the IMF to be the only members under-represented on all four of its criteria that determine a nation's voting rights. Those criteria are the member's gross domestic product, its openness to trade, the "variability" of its economy -- how volatile its growth is -- and the level of its financial reserves.

 

(China Daily September 18, 2006)