The Reform Of The International Monetary Fund And The Countermeasures

International Monetary Organization is an international financial organization with the largest scale, the most members and the most extensive influences. With the continuous change of international economic pattern and due to the great damages of international financial tsunami, there is growing unsatisfaction toward the distribution of power inner IMF and its inability towards"fire prevention"and poor capability in"fire fighting". Starting from the introduction of voting rights and quota, institutional framework, special drawing rights supervision and overwhelming power among the developed countries, this article points out that it is essential that the voting power and quota to be redistributed and the items that need majority voting to be readjusted; more attention should be given to the voices of the developing countries in terms of the restructuring of institution framework and more seats in the Executive Board should be given to the developing counties; in reference to special drawing rights, due to the unrest in the international monetary system caused by the insurmountable inner drawback of sovereign state currency, the world must bring a new international reserve currency with stable value into existence; in respect of loan, the credit terms and the prescriptions given aiming for solving the crisis always break away from the characteristics of the developing countries; as to the supervision, this articles holds that IMF's crisis recue always lag behind without any early warning resulting from the lack of supervision towards developing countries. As the second largest economies in the world, china should play an important role in the reform of IMF, including adjusting the structure and calculation formula of quota within the IMF, accelerating the establishment of fair, just and inclusive international monetary system, supporting IMF to strengthen the monitoring and supervision toward the developing countries in the purpose of fending off the financial crisis, to introduce central counterparty trading, to strengthen the supervision toward the world's three largest credit rating agencies and ensure its independencies; supporting developing countries to gain more discursive power, expanding the representativeness of the developing countries, promoting the cooperation among the developing countries and improving the efficiencies of the developing countries'collective actions through currency swap and other bilateral or multilateral cooperation.