The critical part of any reform package should be greater representation and voting rights for emerging and developing countries within the IMF and the World Bank.

The reform is not only about reflecting the rising strength and importance of those countries, but also about giving greater legitimacy to the IMF and the World Bank.

Another reform should be about how the leaders of the IMF and the World Bank are chosen.

There has long been an infamous unwritten rule, according to which the World Bank should be led by an American and the IMF by a European.

It should be common sense that leaders of any international financial organizations have to be decided on the merits of the candidates, instead of their nationalities.

The ongoing financial crisis has highlighted the deficiencies of the current international financial and monetary system.

The call for establishing a new international financial order that is fair, just, inclusive and orderly has become more urgent than ever.

Developing countries should have more clout on the global stage. The world's road to economic recovery must run through the developing countries.

(Xinhua News Agency March 16, 2009)