China to contribute $43 billion to IMF resources increase

China announced Monday that it will contribute $43 billion to the latest round of the $430 billion resources increase to the International Monetary Fund (IMF) at the G20 summit.

Analysts said the increase, together with commitments made by other G20 members, will enhance IMF's crisis-tackling ability, and increase the voice of the emerging economies in this global financial institution.

Chinese President Hu Jintao addressed the first session of the G20 leadership summit which convenes Monday in the Mexico resort.

A press release by the Chinese foreign ministry after the session said that China will increase $43 billion to IMF, the multilateral lender based in Washington.

"China supports and decides to join the resources increase to IMF," said the press release.

The announcement came against the backdrop that the world mulling news efforts in tackling major challenges in the current world economic and financial sectors, and equipping IMF with abundant resources.

G20 finance chiefs agreed in April to have the group of advanced and emerging economies cooperate on increasing the financial firepower of the IMF, by over $430 billion to meet future financing demand from members affected by the eurozone crisis, which is having a negative impact on global trade and financial channels.

IMF said it will only tap a $430 billion financial firewall agreed in April to shield the world from the European debt crisis after using up its existing lending power.