Madam Chair,

China supports the statement made by the representative of Fiji on behalf of the Group of 77 and China. I thank the President of the General Assembly for convening this special debate on the United Nations and global economic governance..

At present, the world economy has entered a period of deep adjustments. Overall recovery remains difficult and tortuous. Numerous international financial risks remain. Protectionism in various forms and manifestations is on the rise. All countries are faced with daunting challenges as they work to restructure their economies. Global economic governance mechanism needs further improvement. Global challenges are on an upward trajectory. Against this backdrop, it is in the common interests of the international community to improve global economic governance and provide more effective institutional backing for stable and healthy development of the world economy.

The United Nations, as the most universal, representative and authoritative inter-governmental organization, plays an irreplaceable role in international affairs and is an important component of the global governance mechanism. The international community should support the UN in playing an important role in global economic governance, especially in the area of development, so as to better meet global challenges together. China believes that the international community should focus their effort on the following aspects.

First, an improved global economic governance mechanism should reflect the changes in the world economic paradigm. It should be representative, equitable and effective and ensure the extensive participation of all countries. There is a particular need to increase the representation and say of the developing countries so that they will play a bigger role in global economic governance. There should be consultation on an equal footing and a result-oriented approach to resolve practical problems.

Second, the core issue of global economic governance is development. For the world economy to realize genuine long-term sustained growth, the developing countries must be helped in realizing full development and the North-South gap must be closed. The United Nations should continue to play a core role in international development cooperation, increase attention and input in the pillar of development and put development higher on the international agenda. In formulating the post-2015 development agenda, the United Nations should fully reflect the important role of global economic governance in promoting development and create an enabling external economic environment and institutional guarantee for development.

Third, global economic governance should continue to push forward the reform of the international financial system and promote the establishment of an equitable, just, inclusive and orderly international financial system that includes a full-fledged international monetary system. It should encourage international financial institutions to strengthen their functions of development and poverty reduction and make international financial regulation better targeted and more effective, so that the financial system can better serve and promote the development of the real economy, better fulfill its duty of preserving global economic and financial stability, effectively cope with the adverse impact of the international financial crisis and prevent the reoccurrence of crises.

Fourth, global economic governance should focus on creating a free, open, fair and equitable global trading environment, reducing trade barriers, boosting trade development and increasing support for developing countries in conducting trade with other countries. Debts owed by developing countries should be further reduced or exempted and markets should be made more open to them. A fair and effective international debt reorganization and settlement mechanism oriented to development should be established.

Madam Chair,

Greater cooperation between the UN and such institutions as the G20 and the Bretton Woods Institutions will not only help increase UN’s role in global economic governance, but also make global economic governance better promote common development. The G20 has played an important role in tackling the international financial crisis and improving global economic governance. It should provide useful support and supplement for, instead of obstructing or substituting UN’s work. The G20 should focus on the issue of development, and heed the views and suggestions of non-members, those of developing countries in particular. It should increase input in addressing the imbalances between the South and the North and properly handle major international economic and financial risks and challenges.

Madam Chair,

China attaches important not only bilateral economic cooperation, but also multilateral economic cooperation. China is an active and responsible mover and participant of global economic governance. We stand ready to work with other countries in a partnership featuring solidarity, cooperation, mutual benefit and win-win to properly address major and pressing world economic issues and make bigger contributions to the improvement of global economic governance and world economic growth.

Thank you, Madam Chair.