China wants IMF to be tougher with rich states

[Joanne98]

BEIJING (Reuters) - China, setting out its stall for the next global financial summit, wants the International Monetary Fund to get tougher with developed countries that let their economies run off the rails.

In a position paper prepared for the April 2 meeting in London of the Group of 20, China calls for more power for developing countries in the IMF and World Bank and issues a warning against investment protection.

On financial regulation, the memo says accounting standards and credit ratings should be adjusted to contain the "pro-cyclical" bias of financial institutions to ramp up lending and investment when times are good, leading to excessive risks.

The paper, seen by Reuters, also calls for hedge funds to be regulated and for excessive leverage and pay to be curbed.

http://www.reuters.com/article/topNews/idUSTRE5182F120090209

[madrchsod]

1. rich nations? i did`t know china was a third world country

or are they pissed off because no one bought barbie dolls this christmas and they have to lay off hundreds of thousands of workers?

[HillbillyBob]

2. Hell IMF IS the problem

nt