The new IMF Managing Director, Christine Lagarde, nominated Zhu Min to be one of her deputies on July 12. If the nomination is approved, Zhu will become the first Chinese deputy managing director at the IMF since its foundation in 1944. 

To some degree, Zhu's nomination shows China's strength. The IMF is basically controlled by Western countries, with the US as their representative. Especially after the dollar-dominated global system was established, the IMF became a tool for Western capitalist countries to manipulate the global economic pattern.

The IMF has made many efforts to help the harmonious development of the global economy and aid developing countries in the last 60 years, but it has paid little attention to bringing non-Western partners into the management of the global economy.

After the economic crisis, many countries, including China, strongly called for IMF reform, including increasing the strength of developing countries, reforming the appointments system and other measures. There have been improvements in some areas. Now, a mainland Chinese citizen is to be one of the deputy managing directors, which shows efforts by the institution to make more reforms. In particular, it indicates Lagarde's resolution to create a new look for the IMF after replacing Dominique Strauss-Kahn.

But we should realize that, as an international economic organization, the IMF must follow its own statutory procedures. The voting shares at the IMF for each country or economy is decided by their investment in the organization. In this sense, it is similar to a freely traded company.

The US is able to enjoy the top position and has veto power at IMF, which is directly related to its investment in the organization. A Chinese deputy managing director is unlikely to fundamentally change the overall rule. In extreme cases, where China and other countries have a conflict of interests, it is impossible for Zhu to use his limited power as a deputy managing director to protect China's interests.

Zhu's nomination may be regarded as a point of pride for China, but it is mainly due to his personal achievements. Zhu has worked in banking for years. He used to be the vice governor of the Bank of China and the People's Bank of China. He also worked for the World Bank for six years.

In 2010, he joined the  IMF as a special advisor to the managing director. Through these posts Zhu accumulated rich experience in  international decision-making and the management of financial market. Lagarde picked Zhu for his personal capacities rather than to increase China's power  at the IMF.

Actually, Zhu is not the first person from the Chinese mainland to be picked for a senior position at an international financial institution. Before him, Zhang Shengman was deputy managing director of the World Bank and held other similar senior positions from 1995 to 2005. In 2008, another Chinese economist, Lin Yifu, was appointed the deputy governor of the World Bank. But there was no increase in China's power at the World Bank during their period of office. At that time, the two senior Chinese officials had to shed that role and become world citizens. Only by doing so could they live up to their posts. Similarly, now Zhu Min needs to shift his identity too.

Since the economic crisis three years ago, China has been calling for reform on the IMF and other international financial institutions to make them better reflect the interest of emerging economies. 

China's appeal is legitimate, and rooted in real changes. The distribution of power in the IMF was formed based on the world pattern after World War II. Decades later, the world has dramatically changed, particularly after the emergence of new economies like Brazil, Russia, India, China, and South Africa in the last 10 to 20 years.

To change the situation, however, China cannot rely on one person becoming a a senior executive at IMF. It needs to ally with other countries and developing economies with similar needs to make arduous efforts to push forward reform. One man alone is not enough to enact changes, especially given the pointed neutrality of his position.

The author is a Shanghai based business commentator. opinion@globaltimes.com.cn

Zhu Min bears weight of a nation in new IMF role