Developing countries deserve more say in global financial reform

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BEIJING, March 23 (Xinhua): Developing countries deserve more say in the decision-making process of the reform of the international financial system, World Bank Vice President James Adams said in an exclusive interview with Xinhua here Sunday.
"Developing countries as a whole are much more important to the overall functioning of the world economy... these countries have more important say in the decision-making and they should have much stronger voice than before," said Adams, who is in charge of the bank's East Asia and Pacific affairs.
"Coming along with increased economic participation should be larger involvement in setting the rules for the international economic system," said Adams, who is in Beijing to attend the three-day 10th China Development Forum that started Saturday.
"Up to now, the developing countries have to deal with the consequences they get into the room of policy-making and be prepared to take the responsibility to become participant of policy-making," he said.
As for the World Bank, Adams said since the developing countries are playing more effective roles, they deserve to have stronger voice and larger participation in the bank.
Adams stressed that the voices of the poor countries should be heard consistently, adding that when issues are discussed, the developing countries should have the opportunity to make their views known.
Adams also noted that China, the biggest developing country, is one of the few large economies that are still growing.
"China sets a very good example," he said, adding that China's policy measures to date have been appropriately swift and forceful.
Adams said China has been a very active participant in the G20 summit in London. "Obviously that makes the G20 a very different framework from the old framework of G7," he said.
Sponsored by Development Research Center under the State Council, or China's cabinet, China Development Forum was founded in 2000. The forum is aimed to support and promote policy consultation and academic research in China.
High-level officials, entrepreneurs, scholars and leaders from international and non-governmental organizations attended this year's forum under the theme of China's Development and Reform in the Global Financial Turmoil.