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Developing nations in G8 call
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China will likely push for a bigger voice for developing countries in international monetary policy at the G8 meeting in Italy this week, but a top Chinese diplomat said it won't be raising its proposal for a new global currency to replace the United States dollar.

China is not one of the Group of Eight major economies but is attending the meeting in L'Aquila as part of a group of five large developing countries.

President Hu Jintao arrived in Rome yesterday, and he is expected to press for a bigger role for developing countries in global finance.

The United States and others have yet to commit to specific changes after China won a pledge of more influence for developing countries in the International Monetary Fund last November at a summit on the global crisis.

Any world financial structure "must be broadly based, having both developing and developed countries as members," Chinese Vice Foreign Minister He Yafei said.

In March, China called for the creation of a new currency, possibly based on the IMF's Special Drawing Rights which are used as the monetary standard for dealings between the fund and member governments.

"This international financial crisis has fully exposed the weaknesses and loopholes in the international monetary system," He said last week.

"If this issue is raised by leaders during the meeting, it is natural, because we are all discussing how to respond to the international financial crisis and promote recovery."

Chinese officials had no plans to raise the issue but will discuss it if others raise it.

(Shanghai Daily July 6, 2009)

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