China resists contribution to IMF bailout fund

China gave no sign Sunday at a world financial summit in Washington whether it will use any of its US$1.9 trillion in reserves to help countries hit hard by the economic crisis, AP reported. As world leaders proposed an International Monetary Fund (IMF) emergency loan fund for struggling countries, Beijing’s delegates resisted calls for developing countries to contribute to the fund. China has pushed for developing countries – itself especially – to have more influence at the IMF and other global bodies. Some analysts believe an increased say at the IMF might be Beijing’s price to contribute funds. "Steady and relatively fast growth in China is in itself an important contribution to international financial stability and world economic growth," President Hu Jintao told state media at the summit.