China welcomes Lagarde's selection as IMF chief

29th June 2011, Comments 0 comments

China on Wednesday welcomed the appointment of French finance minister Christine Lagarde as the next International Monetary Fund chief, saying Beijing hoped she would give emerging markets a greater say.

The central bank said China also hoped Lagarde would "lead the IMF to play a positive role in stabilising the global economy".

"China welcomes the appointment of Ms Lagarde as the managing director of the IMF," the People's Bank of China said in a statement posted on its website.

Her selection "followed an open, transparent and merit-based" process, it said.

Beijing said it hoped Lagarde would "increase representation of emerging markets and developing countries in the IMF's governance".

Lagarde, respected for her leadership during the financial crises that have shaken Europe over the past three years, was selected by the IMF's executive board to take up the five-year job from July 5.

Her victory over Mexican central bank head Agustin Carstens came after key emerging nations Brazil, Russia, India and China added their endorsements on top of US and European support.

Emerging powers had initially baulked at Europe's 65-year lock on the job, but Lagarde has vowed to promote reforms to make the lender more representative of the global economy.

Lagarde replaces fellow countryman Dominique Strauss-Kahn, who resigned abruptly on May 18 after being arrested in New York for an alleged sexual assault.

© 2011 AFP

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