The rise of emerging economies should accelerate the reform of IMF

Group of Twenty (G20) summit in Seoul, 11, kicked off, this is the first summit was held in emerging economies. With the evolution of the global economic structure, reform of international financial institutions to become the focus of public attention. In April this year, after the dust settles the World Bank reform and speeding up the International Monetary Fund (IMF) reform is pushed to the forefront of public opinion. For this reason, the reform of international financial institutions as the summit of a spectacle. 11 interviewed by the Beijing University Economics Professor Cao Heping said that the rise in emerging economies to accelerate the trend of the international financial institutional reform is imminent, and the implementation of reform-related content is not delayed. After having gone through hard work, today's emerging economies in international financial institutions the right to speak has improved, but just a small step forward, the international financial institutions to go through and completely reform, the future remains to be done.

Urgent reform of international financial institutions

Latest data show that the developed economies the recent growth rate has slowed compared to the beginning. Bloomberg is expected by the end of October, including the United States, Japan, Germany, Britain, France, Italy, Canada, the G7, including the proportion of the world economy is steadily declining, 2012, below 50%, but instead is the development of the continued rise in the country.

Summit in Toronto, the parties agreed in principle on the IMF reform consensus. Since then, the push forward reform of the IMF did not interrupt. October 7, including a number of emerging economies and the Group of 24 developing countries, in a communique's call for IMF quota reform, and further reflects the representation of emerging market and developing countries to increase their share in the IMF, saying significant adjustments to the share of IMF governance reform should be the core part. The Indian Finance Minister Pranab Mukherjee has pointed out that only after the implementation of reform measures, IMF can be more reasonable.

"The reform of international financial institutions is imminent," said Cao peace, in accordance with existing international rules, member states in the international financial institutions often share the position and in accordance with its economic strength to the division. With the global economic map of the historic transformation - declining share of developed economies and emerging economies, the development trend is good, the economy increased the proportion of the international financial institutions should be subsequent changes.