With the increasing share of China in the International Monetary Fund and the World Bank, the two most important international financial institutions in the world. China's voice seems to be stronger, but in the global economic arena, as a latecomer, it will take time for China to strive for benefits and fulfill its responsibilities. 1On October 5th, Kahn, President of the International Monetary Fund (IMF), known as the "Club of the Rich", held a press conference in Washington, DC, USA, announcing that the IMF Executive Board had passed the share reform plan on the same day. After the share reform is completed, China's share will rise from the current 3.72% to 6.39%, and its voting right will also rise from the current 3.65% to 6.07%, surpassing Germany, France and Britain, and ranking behind the United States and Japan, thus gaining a greater voice in this international organization. Just over half a year ago, in the voting rights reform of the World Bank, China's voting rights were also significantly improved, jumping from the sixth place to the third place, second only to the United States and Japan. Over the past 60 years, the share of the G-7 countries has been above 45%, while the share of all developing countries only accounts for 36%. Among the top managers of the IMF, only one vice president is from a developing country. The voting rights of the IMF have always been in the hands of the United States, the European Union and Japan, and China's share is even less than that of Belgium and the Netherlands combined. The United States is the largest shareholder of the IMF, with a share of 17.4%, while China only accounts for 2.98%, which obviously cannot meet the trend that China is playing an increasingly important role in the world economy. The IMF's practice of dividing members' right to speak and vote according to their economic strength obviously violates the basic principles of traditional international law and has caused dissatisfaction among many countries, especially developing countries. Kahn said at a news conference held on the 5th that after the completion of this round of quota reform, the IMF will transfer more than 6% quotas to emerging economies, thus better demonstrating the legitimacy and effectiveness of the IMF. The United States, Japan, BRIC countries (China, India, Russia and Brazil) and four European countries (Germany, France, Britain and Italy) will become the top ten economies of the IMF. The share of member countries determines the maximum amount of their contribution to the IMF and their voting rights, and is related to the amount of loans they can get from the IMF. This is the most important governance reform plan of the IMF since its establishment 65 years ago, and it is also the largest share transfer plan for emerging markets and developing countries. European countries will give up two seats on the IMF executive board to improve the representation of emerging markets and developing countries on the executive board. It reflects the International Monetary Fund's recognition of its rising position in the global economy and the new map of the world economy. The IMF has always been the focus of criticism. Criticism focuses on the following aspects: first, the existing international economic governance structure and system are actually based on the experience of the economic crisis in the 1930s, so they cannot adapt to the new situation and make a more reasonable response; Second, the International Monetary Fund is an international bureaucrat, and its behavior lacks democracy and supervision, which can easily become a black-box operation; Third, the International Monetary Fund is the representative of international capital interests and the tool of western countries headed by the United States. Scholar Sachs believes that an important basis of the power of the International Monetary Fund is that it is a tool for the US Treasury to intervene in developing countries. Another important purpose of this new reform plan is to raise more funds for the International Monetary Fund. Because the voting right of the IMF is linked to the capital invested by a country in the IMF, it means that these countries will provide more funds to the IMF and greatly enhance the voice of developing and emerging economies. According to Reuters, this reform is expected to provide the IMF with $65,438+0 trillion in new capital investment.