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China’s economic rise challenges the IMF’s relevance


Washington (AFP) – The International Monetary Fund was launched in 1944 with the world’s new superpower, the United States, in position as the key force and shareholder in the global crisis bank.Today, China is on the verge of becoming the world’s largest economy. But its voice at the IMF — wrapping up its annual meeting this weekend in Washington — remains that of a minor country, and some worry this could undermine the crucial, 70-year-old institution.The IMF estimates that by the end of this year, China’s economy will surpass the US in size: $17.63 trillion versus $17.42 trillion, based on …read more

Source: Business Insider

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