IMF and World Bank Face Mounting Pressure to Reform as China Offers Alternative Vision

The IMF and World Bank face challenges to their legitimacy from China's state-led economy and institutions like the AIIB.

Western free market policies promoted by the IMF and World Bank have caused problems like financial crises in emerging economies.

The IMF's role as a lender of last resort has been constrained by US policies like sanctions.

There are calls for reforms like increasing IMF lending capacity, but Western dominance may persist.

A new "Bretton Woods" conference on neutral ground is needed to rethink global monetary and development frameworks.