The World Bank has recognized China’s increasing share of the world’s economy. In total, the World Bank approved a 3.13% increase in the voting power of the Developing and Transition Countries (DTCs), making it 47.19% now and representing a total increase of 4.59% for the DTCs since 2008.
After a first phase of reforms agreed in 2008, developing countries have around a 44% share in World Bank voting.
English.Xinhua.Net.Com reported that World Bank President Robert Zoellick said, after the Development Committee meeting, "We were just pleased that we are getting close to reflecting China’s increasing share in world economy, and that is reflected in edited voting share.
"Today was a good day for multilateralism. This shift of shares is agreed by our shareholders. They try to recognize the change in the world economy and include the contribution to the development in the methods, which can encourage developing countries in transition."
You must log in to post a comment.