Expanding discourse power in emerging economies problem easier

Before the London summit of the Group of 20 (G20) in April, discussions on the subject of the Conference had been overwhelming: expanding the stimulus package, opposing trade protectionism and improving financial regulation ...　　And, of course, the International Monetary Fund (IMF) reform, which is the most closely linked to emerging economies such as China. Amid rising calls to reform the international monetary system of "dollar independence", senior Chinese officials have made a high-profile call for reform of the IMF to increase China's voice in the IMF.　　The topic sparked heated discussions around the world, particularly in emerging market countries represented by the BRIC countries. In fact, the desire of emerging markets to expand the right to speak is not just then. The IMF share and voting rights reform programme, adopted in 2008, raised the share of developing countries ' voices from the previous 40.5% to 42.1% per cent, but data showed that emerging market gross domestic product accounted for 50% of the world, trade accounted for 40% and foreign exchange reserves accounted for 70% per cent. This share of the voice is far from disproportionate to the influence of emerging market countries in the global economy. In addition, the United States still has a share of more than 17%, with a veto monopoly status. By contrast, China, the world's third-largest economy and the largest and fastest-growing emerging economy, has a 3.72% per cent share of the IMF, ranking sixth.　　It has become the most pressing requirement for emerging economies to issue "voices" that are in line with their status on the international scene. But the developed countries in Europe and the United States to this demand has shown a "euphemism" resistance.　　Although the financial crisis has made the developed countries aware of the role of emerging market countries, they are more willing to see the "cooperation" in lieu of the decomposition and substitution of actual power. Zhang Ming, deputy director of the International Finance Research Institute of World Economic and Political Studies, the Chinese Academy of Social Sciences, said the eurozone countries wanted to mobilize East Asian countries and oil exporters to increase their capital with ample foreign exchange reserves, with IMF funds to aid the CEE countries, thereby reducing their aid pressure, and emerging market countries urged　　The combination of a recapitalisation of the IMF and a redistribution of the IMF's share of voting rights, "This is a point of euro-zone countries". Once the existing financial order is adjusted, the developed countries, which hold the IMF and the World Bank's dominance for a long time, will inevitably face a redistribution of benefits, and the result of a partial share is naturally the last thing they want to see. This resistance is more directly reflected in the developed countries on China's "Super Sovereign reserve currency" proposal.　　Mr Almunia, the European Commissioner for Economic and Monetary Affairs, has said that everyone believes the current global reserve currency will continue to exist for a long time, while US President Barack Obama has made a direct response in the first place: there is no need to create a new global currency. At present, the resolution of the G20 London summit appears somewhat "Thunder Rain." The resolution made little mention of the voice of emerging economies, and the resolution raised the IMF's size from $250 billion trillion to $750 billion trillion and $500 billion trillion in capital injectionsWith $140 billion trillion from the United States, Japan and the European Union contributing $100 billion trillion, and China providing 40 billion dollars, this further shows that there is no real change in the pattern of the developed countries leading the IMF. So far, nearly two months have passed, the follow-up progress of the G20 summit is not satisfactory: 500 billion of dollars of capital increase has not been honoured, some of the previous vigorous discussions are now also deserted. Although the IMF reform has an established timetable, it is foreseeable that the establishment of a new international financial order is not a day's work, for emerging economies, how the current European and American developed countries dominate the international monetary and financial system to gain more power of discourse, is still a problem easier problem.