Singapore Prime Minister Lee Hsien Loong has raised the legitimacy of the International Monetary Fund (IMF) and the World Bank (WB) if China is not given more influence in these international institutions. Lee said the IMF and WB were set up at a time when the US was dominant and the balance of the world economy was quite different. He said no one can prevent the Chinese from being part of the world economy. He also observed that the US can opt to keep the status quo, but the Chinese could then set up their own institutions as another way to engage with the world. Lee said China needs the international finance system and it is better that they be part of this system than not be part of it.
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