FINANCE

China Renews Calls for IMF Quota Reform to Boost The Voice of Emerging Markets

Published: Apr. 29, 2025 2:51 a.m. GMT+8

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Pan Gongsheng. Photo: Bloomberg

China has renewed its push for meaningful reforms to the International Monetary Fund’s (IMF) quota system, urging stronger representation for emerging markets and developing economies amid growing calls to modernize global financial governance.

Speaking at the IMF’s 51st International Monetary and Financial Committee (IMFC) meeting on April 24-25, China’s central bank governor Pan Gongsheng stressed the urgent need to accelerate quota reforms — a step he described as critical for the IMF’s legitimacy, effectiveness and representativeness.

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China urges IMF quota reforms to boost representation of emerging markets and developing economies, highlighting that they hold 40% of voting rights despite making up 60% of global GDP.
The 16th IMF quota review in 2023 raised quotas by 50% (totaling 715.7 billion SDRs/$960 billion) but didn’t address quota distribution imbalances.
Reform is challenging due to major shareholders' veto powers; the 17th review starts in 2025 with discussions on revising the quota formula.

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Boston University Global Development Policy Center: The Boston University Global Development Policy Center is an academic research institute focused on policy analysis and solutions for global development challenges. In the article, it is cited as the source of a statement noting delegates’ support for a strong, quota-based, and adequately resourced IMF, encouraging prompt ratification of the 16th quota review to bolster the global financial safety net.

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