China wants more say in global financial bodies

Financial Crisis Posted on

China will want a bigger say in any new global financial order emerging from the current economic crisis, but will likely move cautiously in contributing to a proposed bailout fund for economic reeling countries, economists said Wednesday.

British Prime Minister Gordon Brown has called on China and oil-rich Persian Gulf states to fund a major increase to a bailout fund at the International Monetary Fund, the latest call for Beijing to use some of its $1.9 trillion of reserves.

Beijing's leaders have said they are willing to cooperate internationallly, but have said China's responsibility lies in keeping its economy going by boosting domestic demand.

China has already cut interest rates — including by just over a quarter point Wednesday — and economists predict it will take further measures to boost domestic consumption. However, weaker export demand from Western markets means China must remain cautious with its money. The majority of its foreign currency reserves are invested in U.S. Treasury securities, which is also lending support to the U.S. economy.

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