Lagarde Appointed Zhu Min to Deputy Managing Director of IMF

Tuesday Christine Lagarde appointed Zhu Min to a newly created deputy managing director post. A sign of recognition of the growing importance of China in the global economy.

Zhu Min was special adviser to Dominique Strauss-Kahn’s predecessor Christine Lagarde. His promotion is a sign of the willingness expressed by the new boss of the IMF to give more power to emerging countries.

This is the first time a representative of China access to one of the main posts of the Fund’s management.

“As the Deputy Director General, he will play a decisive role in our work, in collaboration with other members of my team and myself, to meet the challenges facing our member countries and to ensure that the IMF has a better understanding of Asia and emerging markets more generally, “said Christine Lagarde in a statement.

Zhu Min, who will take office on July 26, will share the title of deputy director with the Japanese Naoyuki Shinohara and Anglo-American-Egyptian Nemat Shafik.

Former French Finance Minister has also chosen the American David Lipton, an economic adviser to the White House, to be the number two of IMF. He will succeed John Lipsky, the current first deputy managing director.

In her first press conference as director general of the IMF, Christine Lagarde promised to give developing countries a greater role within the institution.

With the appointment of Zhu Min, who was deputy governor of the People’s Bank of China, Asia now has two representatives in the governance of the institution.

During her campaign, Christine Lagarde had gone to Beijing. She was chosen with the support of China and other emerging countries like India, Brazil and Russia.