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China Ponies Up Significant Scratch to the IMF

British Prime Minister Gordon Brown announced that China will provide $40 billion extra to the IMF. That's a big chunk of change. Especially for China. In total the IMF is raising $750 billion.

As Caijing magazine (China's best business publication) noted the new money is well above China's voting share in the IMF and "another sign of the mainland's desire to take a larger role in the global economy." China's contribution represents 5.3 percent of the new funds, as against its voting rights of 3.8 percent within the organization.

For years China has boxed below its weight internationally. Deng Xiaoping, the man who brought economic reforms to China, urged the Communist Party to keep a low profile in international affairs. But now, slowly, spasmodically, that seems to be changing.

I can't imagine a high-profile leadership role anytime soon. But I believe China is (as they say in this country on the eve of the beginning of baseball season) stepping up to the plate.

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Comments (6)

alex65 Author Profile Page:

I have mixed feeling about China's $40 billion extra to the IMF.

On one hand it shows that the government of China puts its money to where its mouth is. It is a concrete contribute in dealing with the currebt world-wide financial crisis. But then again, is it really "its" money?

On the other hand, $40 billion would amount to about RMB 200 per chinese citizen. This is no small amount. This is equivalent to a week's salary for some poor chinese worker laboring in a toy factory. This is the human sacrifice we are talking about.

generalyuefei Author Profile Page:

朱門酒肉臭,
路有凍死骨.
榮枯咫尺異,
惆悵難再述.
自古皆如是,
不分敌或友.
君王常制衣,
欺奴庶民行.

Within the grand mansions, the meaty food are rotten;
But outside on the streets, laying the starving bones.
Rich glory and weak withered, only a foot away,
ah how sadly this be, and how difficult to tell.
from ancient to presence all generations are same,
whether they are our enemies or friendly countries.
Emperors and kings always making and changing their cloth,
only to bewitch and enslave their poor people to work for them!

first four verses from Tang Poet Du Fu, last four verses I wrote.

generalyuefei Author Profile Page:

These governments that they just work for the rich.

American people, the poor tax payers bail out the banks and auto corps, to have those money diggers to sit on top and continually making big dough of the poor people, and they are not even prosecuted for anything.

Chinese people, most still starving poor and their government only collect their tax and never to return back in this bad period, but so quick to decide whatever money to put outside.

Didn't I use the word 'betray'?

In the past, most official share same bowl with the poor, now they are whether black cat or whilte cat all can catch mouse, only their poor people are the mouse!

Do you know that those auto maker's employee make $70 per hour? Their whole year's salary more than every poor Chinese' whole life earning. And now, US politician and China leaders are sleeping in the bed, and none of these government truly cares about their poor people. One group are battled out from all those political shows by acting and lying, another group never been examed nor voted, now make great marriage ceremony, and their people still are poor with their vain dreams that they are brainwashed for generations. This is the matrix.

They are all the same. Well, all these politician they belong together. They only wear different cloth and speak different language, but their character are the same greed and aggression.

They are the same as European royal families 200 years ago, all families and friends, even though they quarrel or war against each other, still go together with their Catholic confirmed faith.

I wish most people can see this, and don't let these people trick them, whether their dreams or swear, in the end, they and their family and fiends we labor for, and their war we fight and die for.

There is eternal formula, people are all the same, and when they become politicians, are always bad.
devil go with devil, poor are always grouped together with poor. This world right now is just business and politics, let's see how these politicians and business men going to save the world and their people.

This time all of us have the grandstanding to watch, thank God I did not attend any school in both these countries, otherwise I don't even know I am brainwashed, and if I work so hard and passionate for them, either side, they may grant a some award so I can brag about, how sweet!:)

vwam Author Profile Page:

forgot to say: saw a ferrari driving through downtown second-tier chinese city the other day. in this country?!? i was very angry and still am. it was probably fake, but what it represents is appalling. what wonders could this government do for the world if it knew it could trust its poorest to its richest - the greatest brains (in theory) and money addressing the greatest need.

vwam Author Profile Page:

that's pretty passionate stuff, generalyuefei.
I would be pretty angry at my government if my country was racked with poverty and they were sending big money overseas. as things stand, i'm from a pretty rich country whose poorest get a semblance of food, shelter and healthcare (so no, it's not the states).
Notwithstanding: I read that the G20 represents 85% of the world's economy. yikes. that's a hundred and mumbletymumble countries with 15% of the world's economy. I think in that context alone, china needs to start taking a bigger leadership role. things are just so complex though; the global economy is a very strange animal, but you've got a government with large wads of cash and a whole bunch of countries with incredible levels of suffering. on the topic of which contexts to frame things in, the least helpful one is gdp. to say that china has the world's 3rd biggest economy is a meaningless statement, in a peacetime situation. however, that big number 3 must, fair or unfair, be a huge source of political and emotional pressure for china to step up its global leadership.
about deng's "not grandstanding" policy (i wonder if he was able to fit that into a 成语...too lazy to look it up), i think the tinny bugger wasn't proffering his own spin on things so much as articulating a significant aspect of chinese culture - modesty. yay. his legacy was to draw the party back into some kind of sync with the culture... i mean, black cat white cat was hardly original, it equates to "hey guys, the party now permits you to get rich" and the whole country goes "uhh, really? ok, we're cool with that." he 'showed rome her true self' like marcus aurelius wanted russel crowe to do. so really, deng was a bit like russel crowe.
the west currently IS global aid, premised on the good samaritan story, which is still echoing through its sorry postchristian corridors,and i do look forward to china stepping forward in its signature modest fashion to offer an interesting counterpoint.

generalyuefei Author Profile Page:

most of Chinese can't afford Full health insurance coverage, and college graduates can't find job, and their parents can't hold their job......

if China is democratic nation, the fund to outside should be proved before it streams out.

US surely got a good alliance right now, Chinese willing to starve themselves to save the world, just been off the cross, and been laughed at for their pushover and naive and mannerless character.

I hope if the world is somehow save, would Chinese should be thanked, or a few decision makers should be thanked.

In the past, there were some landlord who refused to pay deserved payment to their servants, but offered so much to buddha.

If US and China switched their shoes, would US being in the current situation of China let out such amount? Let majority American tighten up their belt?

No wonder no one respects Chinese, as we are second class, since Qing Dynasty we've been treated like such, now we still are.

I pity Chinese.

No wonder so many Chinese want to be American, or any other countrymen, for they know foreigners treat them better than their countrymen treat them.

That is fact.

I hope John can separate Chinese, China, and Chinese government. We are not the same.

自家恶待自家人,苦役儿女侍友邻.
无怪外人骑头辱,只因父母奴其儿.
娇柔亲女生作俾,宁从外邦身为妾.
堂堂中国千年誉,如今只剩一字耻.


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