Friday, December 31, 2010
China’s Vote Rate in the World Bank
In the end of April 2010, the World Bank finally decided to provide more voting power to emerging economies, such as China. The developing countries voting shares in the World Bank gained 3.13 percent to a total stake of 47 percent. However, the US remained its majority stake of 16 percent, and Japan received a reduction of voting rate to 6.84 percent. China’s share rises to 4.42 percent from 2.77 percent. Why did the World Bank not reduce the American voting power at all even though the Wall Street was instigated global financial chaos in 2008.