G20 should provide political guidance for IMF reform: Chinese state councilor

Chinese State Councilor and Foreign Minister Wang Yi said on Saturday that the Group of 20 (G20) should provide political guidance for reform of the International Monetary Fund (IMF).

Wang said the current international financial system fails to reflect the representation and voice of emerging markets and developing countries in the world economy.

He said the 15th round of the IMF’s general review of quotas ended fruitlessly due to the negative attitude of several members.

“We will push for the launch of the 16th general review of quotas as soon as possible and make substantial progress. The G20 should continue to provide political guidance for reform and ensure that the momentum and direction remain unchanged,” he said.

Chinese State Councilor and Foreign Minister Wang Yi (front, 4th R) attends the Group of 20 (G20) Foreign Ministers’ Meeting in Nagoya, Japan, Nov. 23, 2019.

Source: Xinhua