China welcomes the increasing of quota shares for emerging markets and developing economies in the International Monetary Fund (IMF), said Chinese Foreign Ministry Spokesman Hong Lei Tuesday.

Hong made the remarks at a press conference when asked to comment on the IMF's decision to increase China's stake, making it the third largest quota holder in the fund.

The IMF's governing board agreed on November 6 on a package of reforms in quota shares and governance. According to the plan, emerging markets and developing nations' share of quotas have been relatively increased. "We welcome this progressive step," said Hong.

He also hoped the IMF would carry out the reform plan as soon as possible, so as to finish a comprehensive share review by January 2011 and quota reforms by 2012.