China disappointed about US failure to approve IMF reform plan

China expressed deep disappointment at the United States' failure again to approve the reform plan of the International Monetary Fund (IMF), Foreign Ministry Spokesman Hong Lei said Friday.

"The Chinese side is again deeply disappointed by the US Congress' failure to include the IMF 2010 quota and governance reform package into its appropriation bill," Hong told a regular press briefing.

At the G20 Brisbane summit in November, the United States was pressurized to ratify the IMF 2010 quota and governance reform package by year-end.

"The implementation of the 2010 reforms remains our highest priority for the IMF and we urge the United States to ratify them," the G20 leaders said in a communique.

As the IMF's largest single shareholder by far, US ratification is essential for the necessary endorsement of 85 percent of the membership by voting power.

The plan to give the IMF more funding and allowing a slight watering-down of USinfluence hit a brick wall in the United States. The final budget legislation, passed by US Congress late Tuesday, failed to include funding for the IMF, dashing hopes that the United States would endorse the reforms by the year-end deadline.

The IMF will now begin to draft alternative options for a new set of crucial governance and funding reforms as early as January.

IMF spokesman William Murray said Thursday that the IMF board would meet next month to weigh "alternative options" to the 2010 reform plan.

Hong said implementing the 2010 reform plan is crucial for the credit, effectiveness and legitimacy of IMF.

"The Chinese side continues to urge the United States to endorse this plan as soon as possible," Hong said.

Hong aid China is ready to play a constructive role in securing a greater quota and say for emerging economies and developing countries in the IMF even before the 2010 reform plan is put into effect.