LOS CABOS - China announced Monday that it will contribute $43 billion to the recapitalization of the International Monetary Fund (IMF) at the G20 summit being held here.

The summit discussed the issue of boosting funding for the IMF, and the G20 leaders agreed that in order to address the risks and challenges the world economy is currently faced with, it is necessary to ensure that the IMF is sufficiently capitalized.

China has always made it clear that it will not be absent in IMF recapitalization, and holds that the recapitalization has to be based mainly on quotas and the top imperative thing is to implement the IMF's 2010 quota and governance reform package.

China has repeatedly expressed the hope that relevant countries should go through the approval process of the plan as soon as possible in order to ensure that the reform package will be effective before the 2012 IMF annual meetings in October.