When the World Bank elevated the voting power of China, it reflected two things: Its recognition of the nation's role in the developing world and the changing economic landscape in the world.

On Sunday, bank members voted to place China's voting power in the organization behind the United States and Japan. The country's stake in the bank climbed from 2.8 percent to 4.4 percent.

The decision comes amid increasing calls, especially from developing nations, to give developing and emerging economies more say and participation in the global financial framework.