The seventh summit of the two-day G20 leaders concluded in Los Cabos, Mexico on the afternoon of the 19th. In the context of the global economic downturn increases the risk, how to ease the worsening debt crisis in Europe, to promote the reform of the international financial system to ensure global economic stability and growth, accelerate the pace of recovery, and generally the focus of attention of the important topics of the summit and the international community. After two days three plenary and two working dinner discussion, the leaders adopted the Los Cabos Declaration, stressed that the G20 members should be coordinated to promote economic growth and employment promotion, and to jointly cope with the risks and challenges facing the current global.

Injection of IMF

Is not simply to save Europe

World Bank's latest Economic Outlook report said due to the impact of Europe's debt problems, the global economy will face up to several years of turmoil, global economic growth this year is expected to only 2.5 percent, the slowest pace since the economic recovery, and the developed economies The body is a drag on developing economies, resulting in downward pressure on growth in emerging economies generally increased.

International Monetary Fund (IMF) CEO Christine - Christine Lagarde has pointed out that the world economic situation is still uncertain, there is still a long way to go to revive the international market, but "the G20 leaders to develop a solid, continuous reiterated the determination of the adoption of policies to stimulate demand, support growth, increase employment and balanced growth target. "

The Group of Twenty During the summit, the emerging economies, including China, decided a substantial replenishment of the International Monetary Fund, which provides $ 43 billion, Brazil, Russia, India, Mexico invested $ 10 billion. So far, a member of the International Monetary Fund has a total commitment to replenishment of $ 456 billion, exceeding the original target of $ 430 billion.

Lagarde said that the replenishment commitment to show the wide range of willingness of Member States obligations, ensure that the organization is adequately resourced to perform their duties to safeguard the stability of the global financial markets. She also hinted that the outcome of the G20 summit on Europe, for their outstanding contributions to solve the debt crisis in Europe, said, "summit in Los Cabos has to sow the seeds of economic recovery in Europe, this achievement should be recognized.

European leaders welcomed the International Monetary Fund (IMF), the ongoing capital increase, the IMF can help control the European debt crisis intensified.

Turning to the IMF capital increase the use of the new commitment of resources to prevent and resolve the crisis and to meet the funding requirements of the IMF member countries, Lagarde said: only in the depletion of existing resources will be treated as 'second line of defense'. IMF commitment to always defend the interests and resources of the Member States. "

According to reports, the new resources the IMF held in Washington, DC in April this year the spring meeting of IMF and the G20 ministers meeting, the international community reached a consensus on the new $ 430 billion to the IMF funds. New resources are available to all IMF members are not designated as an area to provide funding.

Analysts pointed out that China's $ 43 billion replenishment of IMF participation in the IMF additional resources, this initiative reflects the responsible intent to jointly cope with the crisis and maintain financial stability, replenishment of behavior is not a donation, but foreign exchange reserves of the reasonable investment.

Vice Finance Minister Zhu said, our country to the IMF capital injection is not simple to save Europe, but the performance of responsibilities for the world as an important member of the International Monetary Fund, the international community to rescue the financial crisis will not absent. Should be noted that China's position is very clear, the IMF capital increase through the first increase in the share allocation of the IMF to increase its available resources, the IMF loans to Member States, according to share proportion.

It is worth noting that the IMF and the World Bank is a global institution, but has always been by the United States and European countries dominate the indisputable fact. At present, the world's largest economies, the United States enjoy the great voting rights at the IMF, but refused to inject.

Emerging economies in the international financial system

Enjoy a greater say

In addition to how to jointly cope with the debt crisis in Europe and other hot topics in the current G20 summit, continue to promote international financial governance and reform is still the world leaders need to discuss important issues, coordination and reform of the international financial institutions Game to receive widespread attention, including the implementation and to honor the IMF voting rights and share allocation adjustment and reform program put on the agenda.

G20 members of a consensus is the need for the existing international financial architecture reform, reform of the basic starting point is to increase the voice and representation of emerging market countries and developing countries in the international financial system.

For the current international financial system reform, the United States is most concerned about is how to consolidate its position in the international financial system and economic recovery; debt crisis of the European countries concerned about how the bailout; emerging and developing economies to further improve more concerned about the practical problems of the emerging and developing economies in the international financial system, the voice and position to improve the international financial and economic environment, oppose trade protectionism, and to maintain economic stability.

The occasion of the international financial crisis, China and other emerging economies in terms of economic development and foreign trade maintained a strong growth in the world economy is recovering. During the summit, the developing countries are more relied on.

Experts said that due to the current international political and economic status, the influence and role of China in the reform of the international financial system, the other emerging economies and developing countries, the expectations have been beyond the most basic right to vote and The adjustment of the share allocation.

The economist naval task was that the contradictions in the United States and Europe due to the dominance "should take this opportunity to promote the reform of IMF governance structure. China on the one hand the United States and Europe so that the share and proportion of part of the international financial system, we must also increase the position of the Chinese leaders in the international financial system.

It is reported that the BRIC countries Brazil, Russia, India, China, South Africa made a commitment to inject that he wished to see the IMF reform, and emerging economies to have greater say in the IMF and World Bank. These five countries, said the capital increase commitment based on the IMF in the 2010 reform agreement, and timely manner the full implementation of those reforms was expected, including on the reform of the voting rights and quota system. In addition, nearly empty the existing $ 380 billion, the IMF can not spend the new funds.


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