Madam Chairperson,

First of all, I welcome the report of the Secretary-General submitted under this agenda item. The Chinese delegation associates itself with the statement made by Yemen on behalf of the Group of 77 and China.

Inadequate financing has always been a major challenge hindering international development efforts, and this challenge has become even more formidable as a result of the global financial crisis and its serious impact on low-income countries. The Secretary-General pointed out in his report that the financial crisis led to a sharp fall of net private capital flows to developing countries, from $377.2 billion in 2007 to $104.1 billion in 2008. Since the beginning of this year, with the slight improvement of the world economy, the developing countries have seen a certain degree of return of capital inflow, their costs of external financing have declined, and their trade volumes are rebounding. However, levels of unemployment and poverty remain high, and severe inadequacy of development financing persists, jeopardizing the timely achievement of the Millennium Development Goals.

The primary responsibility of development financing lies with national governments, but support from the international community is also crucial. In addition to scaling up official development assistance, the international community should establish and improve global development partnerships on the basis of equality, mutual benefit and win-win relationship, implement the Monterrey Consensus, and ensure the realization of the MDGs by the agreed deadline.

The United Nations, as the most representative and authoritative international organization, should continue to play a leading role in development financing, promote the establishment of extensive partnerships between national governments and all sectors of the society, and ensure the coherence of international policies for development. To this end, China would like to suggest the following actions:

First, we must garner political will and mobilize international resources so as to promote the implementation of the Monterrey Consensus and the Doha Declaration on Financing for Development.

Second, we must strengthen the coordination of macro-economic policies, accommodate the interests of all parties, and promote the balanced growth of the world economy.

Third, we must further open our markets and oppose trade protectionism.

Fourth, we must improve the global governance structure and take concrete steps to increase the representation and voice of developing countries.

China is an important participant and contributor to international development cooperation. Since the outbreak of the international financial crisis, despite its own difficulties, China has not only made good its commitments for assistance, but also launched new assistance programs to help other developing countries tide over the crisis. At the UN High-Level Meeting on the Millennium Development Goals held in September, Premier Wen Jiabao announced a series of new measures and initiatives for assisting developing countries, including improving people’s livelihood, reducing and cancelling debts, and deepening cooperation in such fields as finance, business and trade, agriculture and human resources development. China will continue to expand its assistance activities under the framework of South-South cooperation, and together with the international community, work to help other needy developing countries to the best of its ability. China will continue to actively participate in the international process of financing for development, promote the full implementation of the Monterrey Consensus and the Doha Declaration on Financing for Development, and make its due contribution to the international cooperation for development.

I thank you, Madam Chairperson