World Bank makes Communist China third-largest voting power

World Bank makes Communist China third-largest voting power
China's voting power at the World Bank has increased to 4.42% from 2.77% as member countries voted Sunday to award more power to developing nations, state media reported. China is now has the third-largest share of the votes after the US (16.4%) and Japan (7.9%). Overall, there has been a 3.13 percentage-point increase in the voting power of the developing and transition countries (DTCs) to 47.19%. The DTC share has grown by 4.59 percentage points since 2008. Chinese Finance Minister Xie Xuren hailed the move as an "important step towards equitable voting power between developing and developed members." However, Xie noted that World Bank voting reform is just part of an "ongoing process." Beijing is also keen to see an adjustment in the shareholding of the International Bank for Reconstruction and Development (IBRD), which normally represents the World Bank Group.

"And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale." - Thomas Jefferson