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China’s voice strengthens global financial governance

Editor: Tong Xinxin 丨CCTV.com

01-20-2016 11:44 BJT

By Hou Jun, a doctorate researcher of International Relations, China Foreign Affairs University

Yang Shaolin, director general of International Economic and Financial Cooperation at China’s Ministry of Finance, was appointed as the World Bank's Managing Director (MD) and Chief Administrative Officer (CAO) on Jan. 11th.  The bank has recognized China’s status in the global financial governance system, which will promote international financial reforms.


China had gained its seat in the World Bank in 1980 and has maintained cooperative relations with the bank ever since. In 2010, the World Bank passed a reform plan and China had become its third-largest shareholder. Beijing has worked to promote a new global financial order. After Cai Jinyong departed from the bank in 2015, Yang is the fourth Chinese native to assume the post of MD. Cai’s leave had aroused queries from outsiders who thought Beijing had lost its voice in the bank. Yang’s appointment had contradicted US President Barack Obama’s claim that the world supports Washington over Beijing to resolve international issues.

Yang has optimized regional representatives of the bank, to enhance the speaking rights of developing countries. The World Bank also appointed Brazil former Finance Minister Joaquim Levy as Chief Finance Officer (CFO). Additionally, Indonesian Sri Mulyani Indrawati would serve as Chief Operation Officer (COO).

The posts of CAO, CFO, COO have been taken by representatives from developing countries to reflect changes of the world economy. The voting rights of developing countries have risen to a share of 47.19%.

Yang has consolidated Beijing’s cooperation with the bank. He had assumed the posts of deputy executive director for China at Asian Development Bank and executive director for China at World Bank.

At China’s Ministry of Finance, Yang was in charge of economic and financial cooperation between China and international financial institutions, as well as with foreign governments. Yang played a crucial role in creating the Asian Infrastructure Investment Bank (AIIB) and BRICS' (Brazil, Russia, India and China) New Development Bank (NDB).

Yang’s new posting at the World Bank will facilitate collaboration between regional multilateral financial organizations, such as the AIIB, Silk Road Fund, and BRICS' NDB.  Cooperation channels between China and the World Bank will go more smooth in driving global economic growth.

 

( The opinions expressed here do not necessarily reflect the opinions of Panview or CCTV.com. )

 

 

Panview offers a new window of understanding the world as well as China through the views, opinions, and analysis of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

Panview offers an alternative angle on China and the rest of the world through the analyses and opinions of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.


 

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