SINGAPORE (Kyodo) Japan is asking China to ensure openness and flexibility in its economic and financial management, given that the fast-growing nation has gained a bigger say in the International Monetary Fund.
Japan will continue working with other shareholders to tackle the issue of the underrepresentation of China and other emerging economies at the 184-member global financial watchdog, but wants Beijing to speed up structural reform so it will be a responsible player in the world economy commensurate with its rising clout, a senior Japanese official said.
"A key issue here is that China's economy will not simply become bigger, but how much it can make its system similar to ours," Vice Finance Minister for International Affairs Hiroshi Watanabe said after the IMF announced Monday the launch of a two-year voting-share reform package, paving the way for its biggest overhaul since it was established some 60 years ago.