Quota increase

China's quota in the International Monetary Fund (IMF) has increased from 2.98 per cent to 3.72 per cent, a release by the People's Bank of China said last week.

The adjustment was approved by the ongoing IMF annual meeting in Singapore. South Korea, Turkey and Mexico also got relevant increases in their quotas.

Zhou Xiaochuan, governor of China's central bank, told the meeting that the ad hoc quota increase for a small group of countries is a good beginning for the IMF's governance reform. He urged the fund to go ahead with the second-stage reform plan, particularly on issues related to the quota formula and basic votes.

SOEs to pay dividends

China will soon release a rule on the management of State-owned capital, requiring State-owned enterprises to submit their dividends to the government.

"The rule, which was shaped by the Ministry of Finance and the State-owned Assets Supervision and Administration Commission (SASAC) earlier in the year, is under review by other government departments now," a source close to the SASAC says.

"They have reached a consensus on the major principles, but the final say is with the State Council, China's cabinet," says the source. "The release date should not be too far away."

He says the rule mainly outlines principles and directions on budgeting State-owned capital, with detailed regulation on the proportion of profits to be paid out and how they would be used not yet decided.

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