China urges US Congress to ratify IMF quota reforms: Vice Finance Minister

[BEIJING] China urged the US Congress to adopt reforms to give emerging markets a bigger say at the International Monetary Fund (IMF) as soon as possible, the country's Vice Finance Minister Zhu Guangyao said on Thursday.

Plans agreed in 2010 to give emerging markets more voting power and double the Fund's resources have been delayed as the US Congress has not approved the changes.

Mr Zhu also told a meeting that China would pay close attention to the Federal Reserve's meeting in December, which could usher in the first rate rise in the United States in almost a decade.

Fed Chair Janet Yellen on Wednesday signaled the prospect of a December "liftoff" but said rates would rise only gradually from then on to nurture the US economic recovery.

Mr Zhu reiterated that China's economic fundamentals was solid despite exiting problems like overcapacity.

Chinese President Xi Jinping said on Tuesday that China can maintain annual economic growth of around 7 per cent over the next five years even though economy continues to face uncertainties.

REUTERS