IMF to receive financial injection

Chen Xingdong, managing director and chief economist at BNP Paribas Securities (Asia), said although China has a limited voting share, it will have a greater say if it injects money into the fund.

But given that the countries that make up the BRICS made a joint commitment, China is unlikely to pour an extraordinary sum of money into the fund, he said.

China, Russia and other emerging economies are putting up $72 billion for the IMF crisis intervention, the fund said earlier in April. Russian media reported earlier that Russia would put in $10 billion, indicating China will inject less than $62 billion.

"Currently it is the only feasible way for China. Unless China can reach some prerequisites with the EU, it has to turn to the IMF to protect its own interests," said Chen Xingdong.

Mexico has said it will use this summit to push the world's largest economies to increase the resources of the IMF and build the fund's capacity to help European countries out of the financial crisis.

President Felipe Calderon of Mexico said last week in Mexico City that he wanted this summit "to strengthen and establish concrete commitments to strengthen international institutions, particularly the IMF, so that it is a strong and flexible tool for confronting the economic crisis."

"The BRICS, including China, made commitments in the April meeting (on the IMF resources increase). So during this summit a specific amount will be announced," said Zhu Guangyao, referring to Calderon's remarks earlier about the $430 billion increase to be achieved in Los Cabos.

Contact the writers at yuweizhang@chinadailyusa.com and wangxiaotian@chinadaily.com.cn