China calls for 'democratic negotiation' | business | Hindustan Times
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China calls for 'democratic negotiation'

China, which last week leaked in its official media that it hoped a Chinese would head the International Monetary Fund, now says that its next chief should be chosen by ‘open, transparent and merit-based democratic negotiation’.

business Updated: May 26, 2011 22:36 IST
HT Correspondent

China, which last week leaked in its official media that it hoped a Chinese would head the International Monetary Fund, now says that its next chief should be chosen by ‘open, transparent and merit-based democratic negotiation’.

The Chinese foreign ministry has not yet openly backed the candidature of Christine Lagarde, and merely said it has ‘noted’ that other countries have named candidates.

French government spokesman Francois Baroin has been reported saying that China is ‘favourable’ to Lagarde’s candidature. Last week, an unsigned commentary on the website of the People’s Daily pitched that the IMF should be headed by ‘rising’ China and that more Chinese elements be added to its senior management.

On Thursday, foreign ministry spokesperson Jiang Yu said that the selection should “seek to increase the presence of emerging markets and better reflect the changes in the global economic layout’’.

“It can be seen that there is no lack of suitable Chinese candidates,’’ said an editorial in the Communist Party mouthpiece on May 19. “It will be great sign of respect for a rising China and a symbolic step of optimising the international financial order if the 24 executive directors who hold shares of the IMF can see this clearly and elect a Chinese chief...,’’ said the editorial.

It had pointed out that China with 6.4% of the IMF vote surpasses voting rights of France, Germany, the UK and Italy.