Economy

Transparency urged in IMF chief selection

(Xinhua)
Updated: 2011-05-26 15:18

BEIJING -- China said Thursday that the chief of the International Monetary Fund (IMF) should be chosen through democratic consultation with a merit-based and transparent selection process.

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The selection of IMF leaders and high-level executives is a part of reforming the structure of international financial organizations, Foreign Ministry spokeswoman Jiang Yu said when responding to a question about China's position on the next IMF managing director.

Citing a consensus reached by G20 leaders, Jiang said the selection should also seek to increase the presence of emerging markets and better reflect the changes in the global economic layout.

On Wednesday, French Finance Minister Christine Lagarde launched her bid to head the IMF.

Dominique Strauss-Kahn, the former IMF chief, resigned last week after being charged in the United States for sexual assault on a hotel maid.

Jiang said China has noticed that some countries have named their candidates, but she did not talk about China's preference toward the candidates.