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ECONOMY
THIS WEEK> THIS WEEK NO. 38, 2014> ECONOMY
UPDATED: September 12, 2014 NO. 38 SEPTEMBER 18, 2014
Global Financial Reform
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China on September 9 called for emerging markets and developing countries to have a greater say in the global financial system, claiming that the 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, composed of 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," Wang said.

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



 
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