IMF-hopeful Lagarde says 'very satisfied' with China visit

French Finance Minister Christine Lagarde, a leading candidate to head the International Monetary Fund (IMF), said on Thursday that she was "very satisfied" with her meetings with top Chinese officials, and proposed increasing China's voting share in the fund.

Lagarde, who is in Beijing as part of a whirlwind world tour to rally support for her IMF candidacy, is considered the favourite to replace former IMF chief Dominique Strauss-Kahn after he was arrested last month on attempted rape charges.

She met Chinese Vice Premier Wang Qishan and central bank chief Zhou Xiaochuan on Wednesday.

Lagarde said she had "very solid, in-depth" discussions about her candidacy with central bank chief Zhou. She also said the IMF could help China promote greater use of China's currency in global markets, one of Beijing's key objectives.

India's Finance Minister Pranab Mukherjee said on Tuesday that the country has not committed to support Lagarde's bid despite her visit, a sign that India may still be hopeful of nominating an alternative candidate.

The main obstacle in Lagarde's bid for the top IMF job is the possibility of an inquiry into her role in a 2008 arbitration payout.

Mexico's central bank chief Agustin Carstens, who is also competing for the IMF job, is due to visit China next week.

Lagarde said the selection process of the new IMF head should be open, transparent and merit-based, adding that reform of the IMF should continue to benefit emerging economies that are under-represented, including China.

"The trends of reforms that have taken place must be continued and must be developed, both in relation to the governance of the fund, in relation to the appropriate representativeness of its members, particularly with those countries that are under-represented," she said.

Lagarde said China's voting share in the IMF should be lifted to 6.4% to better reflect its economic might.

In November, the IMF agreed to boost the voting power of big emerging economies, enabling China to leapfrog Germany, France and Britain in the fund's power rankings, with its quota share rising to 6.19% from 3.65%.