Give developing world more say in global finance bodies: China

BEIJING: China called Thursday for developing countries to be given more say in world financial bodies like the World Bank as it prepared to take part in a world summit in Washington on the financial crisis.

"We need to carry out necessary reforms in international financial institutions such as the World Bank and IMF, such as increasing the representation of developing countries including in high-level posts," vice foreign minister He Yafei said.

He spoke at a briefing for reporters ahead of the November 15 summit on the global financial crisis called by President George W. Bush and which President Hu Jintao will attend. A developing nation itself, China traditionally puts itself forward as a champion of developing countries worldwide.

Hu made the call as he repeating China's hope that the global effort to face the crisis would lead to a "fair, just, inclusive and orderly" world financial system. However, he declined to offer any further details on what China might put forward in Washington.

"We are still studying in which way we will participate," he said. "But we think it is important to take immediate measures to stabilise and restore confidence in the financial markets and ensure the world economy will continue to grow."

The summit will bring together the leaders of the Group of 20 largest industrialised and emerging economies.
China has repeatedly called for close global coordination to address the negative impact of the crisis, while also making efforts to maintain relatively fast and stable economic growth at home.

Prime Minister Wen Jiabao said in a magazine article over the weekend that the crisis has resulted in his nation's worst economic performance in years.

China's growth slowed to nine percent in the third quarter of this year, the lowest quarterly figure since the second quarter of 2003, partly due to a slowdown in exports linked to a struggling world economy.