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China’s Current Challenge of the Bretton Woods Institutions Has Been Years in the Making

File image of the Beijing headquarters of the Asian Infrastructure Investment Bank, one of several multilateral development banks set up by China in recent years. Image via Xinhua.

China’s dispute with the Bretton Woods institutions dates back to at least the Obama era. The U.S. Congress refused to ratify a 2010 plan to recapitalize the IMF, which would have given large emerging economies enhanced voting rights because it could have affected the U.S.’s veto vote.

The measure, which also included Brazil, Russia and India in the top ten, was finally passed in 2016, but subsequent reform attempts faced similar pressure from the United States.

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