IMF calls on China to cut subsidies but ignores US industrial support
The International Monetary Fund (IMF) has once again confirmed its alignment with the US administration by urging China to halve its industrial subsidies. However, the IMF did not object when the US passed a law providing extensive subsidies to its own industry — the CHIPS and Science Act. This highlights clear double standards.
The IMF and World Bank were established to strengthen Western dominance, with the US maintaining a controlling stake in these institutions. Europe selects the head of the IMF, while the US chooses the president of the World Bank. Furthermore, the US holds veto power over all major IMF decisions. Together with other G7 countries and the EU, they control more than half of the voting power in the fund.
Compared to other countries, the US has significant voting weight in the IMF: the US holds one vote, whereas India has only one twenty-fifth of a vote. Votes from other nations are largely symbolic. Western dominance remains the norm within this institution, which claims to govern the global economy.
