politics

China loses by not attending IMF, World Bank meetings: Lagarde

39 Comments
By Kyoko Hasegawa

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© 2012 AFP

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39 Comments
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Stay classy, China.

-1 ( +6 / -7 )

China has been loosing credibity and trust for some time. ................... China thinks joining the world community means it can write it's own rules . . . . . . JUST AIN"T SO ..................... And countries have tired of China's immature, adolescent antics. . . . .

11 ( +19 / -8 )

The PRC believes that it is above all other nations and rules do not apply to it.

2 ( +9 / -7 )

Might be better for China not to show up, all these beggers asking for money!

-3 ( +10 / -13 )

Might be better for China not to show up, all these beggers asking for money!

Dear world, could we please have money to pay for all the stuff that got broken in those riots.

PS -- We wouldn't want it happening again, would we?
0 ( +3 / -3 )

I don't think anyone realizes that China is pretty much the worlds bank,and has ALOT of reserves. Other countries are over extended. Look what's happening to Spain,Greece(Italy next), and the Euro for example. So Largade's opinion means nothing......

-4 ( +7 / -11 )

"China loses by not attending IMF, World Bank meetings: Lagarde"

China did lose Nothing, Lagarde. It is already published that there are No expectations from this meeting, that the "leaders" are just considering to warn some other nations (China, Iran and Russia, probably) about the crisis and that some action must be taken, but not by them, apparently. It is pity that the others spend time and money for idle conversations.

-5 ( +6 / -11 )

I don't think anyone realizes that China is pretty much the worlds bank,and has ALOT of reserves. Other countries are over extended. Look what's happening to Spain,Greece(Italy next), and the Euro for example. So Largade's opinion means nothing......

China is the world's sweatshop. All those those who were rioting are probably back making the tat we all buy in Daiso now.

3 ( +10 / -7 )

China -- smoke and mirrors. Wait until the bottom falls out....

4 ( +8 / -4 )

The uninhabited chain is located in rich fishing waters and believed to sit atop mineral deposits.

Why is it that the media NEVER describes the issue of the greatest importance in describing the islands, that they lie JUST OFF THE IMMEDIATE COAST of China and Taiwan?

-1 ( +3 / -4 )

China did lose Nothing

Exactly. These meetings are rather useless. It's the big guys, at Davos & Bilderberg, who decide on how each country and their leaders should act to support the wealthy ruling elite. China tried doing the right thing by stimulating the global economy at great costs to its own financial health right after the 2008 meltdown, and is "rewarded" by even more intense vilification and challenges at its doorstep.

0 ( +4 / -4 )

Keep on hurting yourselves China.. All good.

3 ( +5 / -2 )

Keep on hurting yourselves China.. All good.

So you must be glad that China is "hurting itself", so why keep harping and gloating pettily on how China is hurting itself? Just shut up and let China continue to hurt itself, since this is what matters.

0 ( +1 / -1 )

Actually, what China needs to do now is to cease exports, and focus on its domestic market. Much better for the rest of the developed world to do without cheap Chinese goods, and start paying real prices for their consumption.

1 ( +5 / -4 )

Let's forget the stubborn isle dispute case, I think Japanese is basically good people, but JP's problem is he's always the best student of those western teachers. It's real life! you can't be such nice to please everyone! A kid who never cry can't get candy! and real problem is he's still happy about it.

2 ( +3 / -1 )

"China will lose out by not sending its top two finance officials to global economic talks in Japan this week"

No they won't.

2 ( +5 / -3 )

IMF, an organization that is always lead by an European dictated by EU, and World Bank, an organization that is always lead by an American dictated by USA. Organization that prescribed poisons to many developing countries when they were affected by economic crisis: like the Asian Currency Financial crisis at 1997.

Yet, all these years, Japan as a top developed country in Asia and World, it never voiced any objection to the lead position bias for both of these organizations. Why not an African, South American or even an Asian leading any one of these two organizations? Japan was and still is a lapdog of the West.

2 ( +4 / -2 )

Hopefully China by not attending the IMF meetings are at least focusing on their people. They may have the 2nd largest economy in the world but in terms of standard of living of the average joe they are way way way behind. I agree they should cease export, close up all the sweat shops and start focusing on human rights of all the under paid Chinese. Oh right no they won't its a friggen 3rd world country. You can't reason with them.

1 ( +4 / -3 )

China's Banking Reps also missed out on all the Great Japanese Hospitality, Delicious Sushi and The Wonderful Sake...Oh Well, You Snooze - You Lose!!

2 ( +3 / -1 )

What's to lose? Another clear statement that the world economy is still in a slump and will take longer than expected time to recover?

1 ( +3 / -2 )

Well, some people suggested that the Chinese have missed sushi, because otherwise...

1 ( +1 / -0 )

They will create a ChIMF to attend themselves, nothing to worry I suppose

0 ( +1 / -1 )

China loses? I don't think so.

0 ( +2 / -2 )

Yet, all these years, Japan as a top developed country in Asia and World, it never voiced any objection to the lead position bias for both of these organizations. Why not an African, South American or even an Asian leading any one of these two organizations? Japan was and still is a lapdog of the West.

Sure, just as soon as an African, South American, or Asian country is the largest investor in the IMF/Wold Bank.

The US and Europe give these institutions the most funding, and therefore receive the greatest role in decision making. Deal with it.

3 ( +3 / -0 )

If China doesn't want to step up and take it's place among the world's leaders and pitches a hissy fit instead then they might not lose anything tangible. Just a loss of face to the rest of the world. No problem. At least we all know where they stand - in the same crowd as the rest of the wannabes.

0 ( +1 / -1 )

Yes, China loses Japan by not attending the IMF/World Bank... not well thought because the two of them could be the top financial engine the world has ever seen. But now really, who wants to give money to a losing European economy... ?

0 ( +1 / -1 )

If you ask China, for example, “Are you a responsible stakeholder?” then you have to ask whether the U.S. or Europe is behaving likewise. You have to ask how U.S. allowed, in the case of the global financial crisis, the perpetuation of fraudulent contracts, peddled them to the rest of the world, used leverage, destabilized currencies, almost brought down banks and ended up with major export in debt? Was that a position for a responsible stakeholder? In the end, the U.S. and Europe only has itself to blame for this shift of balance. If U.S. economy is relying on Chinese demand to stimulate it and relying on Chinese purchases of American debt to keep it going, then U.S. put ourselves in a position where you don’t have the same degree of bargaining power.

1 ( +2 / -1 )

Sure, just as soon as an African, South American, or Asian country is the largest investor in the IMF/Wold Bank.

The US and Europe give these institutions the most funding, and therefore receive the greatest role in decision making. Deal with it.

France, the country which Christine Lagarde is from, is not the largest contributor to IMF. Yet France, because it is an EU country, heads the IMF.

These are suppose to be international corporations, not some booky-gangster club with the richest guy runs the racket.

1 ( +1 / -0 )

PIGS (= Portugal, Italy, Greece, Spain) countries asking for money... The Senkaku islands, just an excuse for China not to give money... The Japanese government is now on a crossroad in history, who to choose for... USA or China ?

1 ( +1 / -0 )

Also, China lost nothing by sending their senior officials to this meeting. IMF, an EU ran racket, will probably just ask for more bail out money for their countries.

1 ( +1 / -0 )

These are suppose to be international corporations, not some booky-gangster club with the richest guy runs the racket.

Ah yes, international corporations. Corporations, you know, where the largest stakeholder (investor; stock owner) gets the largest share of voting rights.

From that perspective, US and European control is wholly justified.

Moreover, the reason France has someone leading the IMF? Because Europe votes as a bloc, which is perfectly acceptable for stock owners of a corporation to do!!!

Don't like it? Then get the other nations to vote as a bloc as well, and or put more money into the IMF/World Bank

0 ( +0 / -0 )

Ah yes, international corporations. Corporations, you know, where the largest stakeholder (investor; stock owner) gets >the largest share of voting rights.

From that perspective, US and European control is wholly justified.

Moreover, the reason France has someone leading the IMF? Because Europe votes as a bloc, which is perfectly >acceptable for stock owners of a corporation to do!!!

Don't like it? Then get the other nations to vote as a bloc as well, and or put more money into the IMF/World Bank

Not only that, but US and EU have been using these two organizations to take advantages of developing worlds. And thats why some developing countries are fed up with them.

You can't simple contribute more money to the organization to get more votes. You need permissions.

As a lapdog of the west, Japan seem to be ok with these orders; that EU and USA always leads these organizations. But with countries, like Brazil, India, Russia, China etc, that have spines and independent foreign policies will eventually make it more fair.

-1 ( +0 / -1 )

Madame Lagarde, China is rather "diplomatic" about it, didn't you see how Germans reacted when they were asked for money? The Chinese simply sent number twos instead of number ones, it's actually very diplomatic since the message is clear: they are in a row with the host country. If they are not diplomatic about it, they would simply and officially say: both the world economy and the islands are in trouble water, we are not in the mood for appreciating Japanese foliage this autumn. Business is business, micro or macro, everybody knows the problem, no need a party ( or name it a convention) to announce it, we just need to work on solutions: brainstorming is fun but it's time to get back in your office and work. On another account in the same matter: Japan and China should find a way to work together, not to save the world but for a better future of their people.

1 ( +1 / -0 )

michikokada Oct. 12, 2012 - 06:28AM JST China is rather "diplomatic" about it, didn't you see how Germans reacted when they were asked for money? The Chinese simply sent number twos instead of number ones, it's actually very diplomatic since the message is clear: they are in a row with the host country.

Of the nearly $460 billion that nations have committed to the IMF’s firewall, the BRICS countries chipped in $75 billion. China pledged $43 billion, Brazil, India, and Russia each pledged $10 billion, and South Africa pledged $2 billion. It’s a significant contribution, and Brazil, Russia, India, China and South Africa want to be tied to IMF reforms that will give them more sway in the global lending body. Many of the BRICS leaders emphasized the importance of accelerating reforms in the IMF to reflect economic weight.

0 ( +0 / -0 )

How exactly does "china lose ot by not attending" the meetings when they send the Vice Finance Minister and the Deputy Governor of the Bank of China in place of the Minister and the Governor? This assumes that the entirity of China's economy is run by two men who have reached the top of their career and probably do less than their immediate subordinates in terms of riunning things. China is simply making a sulky statement by sending the deputies and will not have risked being disadvantaged in any material way. Lagard appears to have taken it at face value - that must make China happy.

0 ( +0 / -0 )

myeah, i dont wanna be taking sides here but china's coping with exploding population they just can't seem to control no matter what, meanwhile the rest of the world thinks its more humane to let everyone just be born, pile them up and them let them starve, than to apply those desperate measures. I don't say i sympathize but i understand. One billion people, they're re-colonizing africa and that's another thing, but imo at least some africans get something instead of nothing then. The dispute on the isles wasnt clear but the rich fishing grounds tells it all. By 2050 food will be like gold and oil. So ... i don't say i sympathize, but i really understand what's going on there now

0 ( +0 / -0 )

but china's coping with exploding population they just can't seem to control

China's population growth rate is one of the lowest in the world. The population itself will be dropping considerably from the mid 2040s.

0 ( +0 / -0 )

Mme Lagarde's comment was right.. China would have lost out more by attending the meeting -- conveying distorted signs of easing position on the sovereignty issues & being requested ( possibly ) for more rescue fund contribution that hay had committed rather generously.

Should the meeting be organized in north America / Europe.. the Chinese would very likely be attending, after careful calculations, by losing out on fund contributions but not both sovereignty & fund issues.

-1 ( +0 / -1 )

That's okay the rest of world will leave China behind. Too bad China does not realize that IMF, G7, G20, UN and world business communities are all interconnected in global geo-politics.

When will China expel themselves from these organizations? Please wake me up when they do. LOL

0 ( +0 / -0 )

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