From Chinese Press

Bank reform: a giant step

(China Daily)
Updated: 2010-04-29 08:22

The World Bank reform, granting developing countries more voting power, should be seen as a giant step forward, says an article in Overseas Edition of People's Daily. Excerpts:

The newly passed reform bill of the World Bank has shown a power shift. It grants developing countries more voting power, and the greater say that nations like China and India would enjoy will ensure that they have a greater influence on the decisions.

Even if the shift of power is minor it would still be a giant step forward because it would help the developing world make its voice better heard on the world stage. Developed countries no longer seem to enjoy a monopoly at the forum, with members of the World Bank becoming more equal in status. Besides, this is also an example of promoting justice in the world economy, and would better defend the rights and privileges of the developing nations.

In today's multi-polar world, more and deeper reforms are needed in the World Bank so that this giant body can boost the global economy and benefit people all over the world.

(China Daily 04/29/2010 page9)