From Christian Science Monitor:
China has earned a new degree of recognition for its growing influence on the global economy, after members of the World Bank decided Sunday to increase Beijing’s voting power behind only the United States and Japan in the international lending body.
The boost underscored a broader decision at the bank’s meeting to raise the share of votes held by developing countries to just over 47 percent, as part of ongoing reforms to give poorer countries a greater say in setting World Bank lending policy.
“It will enhance the role that developing countries can play in World Bank affairs and also help the bank play a greater role in helping developing countries improve economic development and reduce poverty,” Chinese Finance Minister Xie Xuren said in a statement.
