金融英语阅读：IMF to raise China’s membership quota
The International Monetary Fund (IMF) will likely rise the membership quota of China to around 6 percent from the current 3.9 percent, flat with that of Japan, according to media reports.The IMF is also likely to increase the quota for other emerging nations including India, South Korea, Indonesia and Brazil, while at the same time reduce that of some European countries.
IMF claimed that this adjustment is due to the strengthening of emerging economies in recent years.
Jiang Su, analyst from the Industrial Bank, said that the increase of China's quota is within expectations, and China's economic scale and its performance in the subprime crisis make the country capable of shouldering more responsibility in international organizations.
According to him, in the past, IMF's role was mainly limited to adjusting the international balance, while now it offers good support to its members that face unstable financial situation.
As China's quota increases, conflicts with its rivals US and EU escalate. The US is firm on the idea that the EU has too many members, while the EU claims the US should not have such a high veto right in the IMF.
The membership quota is based on the GDP, economic survival ability and international reserves of a country. European countries like Germany, France and UK rank third, fourth and fifth, followed by the US and Japan.
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