China urges greater voice of developing countries in global financial system

UNITED NATIONS - China on Tuesday called for greater voice of emerging markets and developing countries in the global financial system, saying that the international financial system should be further reformed in this direction.

Wang Min, China's deputy permanent representative to the United Nations, made the remarks when speaking at the UN General Assembly after it approved a resolution to negotiate and adopt a multilateral legal framework for sovereign debt restructuring processes to improve the global financial system.

China and 123 other UN member states voted in favor of the resolution, drafted by Bolivia on behalf of the Group of 77 developing nations and China. Eleven countries, including the United States, voted against it and 41 abstained.

"China maintains that the international financial system needs to be further reformed, and efforts should be made to further improve the international norms governing sovereign debt restructuring in order to enhance the voice of emerging markets and developing countries," he said.

Meanwhile, Wang voiced his hope that the international community will join hands for an early establishment of an efficient, effective and development-oriented mechanism of sovereign debt restructuring and settlement.

"The debt issue has always been one of the main impediments to the efforts by developing countries to promote sustainable growth and reach the Millennium Development Goals," he added.

Top 10 listed banks in China	Summer Davos in Asia