China is rallying the Group of 77 developing countries to push for reform of the global governance system which, according to some leaders in Africa, Asia and Latin America, disproportionately favours the West.
Chinese vice-premier Liu Guozhong, said developing countries, “should jointly support the reform of the World Trade Organisation (WTO) and the international financial system.”
Liu was speaking in Kampala, Uganda at the third South Summit – the decision-making body of the 134-country G77 and China, which does not consider itself a member of the group.
Uganda also assumed chairmanship of the group at the meeting, taking over from Cuba.
China joins a growing list of countries, especially from Africa and Asia, that had been piling on the pressure for a reorganisation of the global political and economic order – especially the UN Security Council and the WTO, as well as the World Bank and the IMF.
The increasing calls for a review of the Bretton Woods institutions–IMF and the World Bank were based on concerns that their structure, location and mandate were no longer fit to deal with changing global trends.