Mr. Chairman:

China associates itself with the statement made by Argentina on behalf of the Group of 77 and China.

Financing for development has been a constant major challenge in the area of international development and has become even more pronounced since the outbreak of the global financial crisis. Many developing countries, especially the LDCs, are faced with challenges such as rising food and energy prices, declining foreign direct investment, the multiplication of trade protectionist measures and increasing debt burden, which, added together, make for an increasingly unfavorable environment for development. Though the total level of ODA has shown some increase, it still falls far short of the committed targets. The sovereign debt crisis of the developed countries has made the prospect of financing for development even more uncertain.

As the most representative and authoritative international organization, the UN should continue to play a leading role in the area of financing for development, promote the establishment and improvement of a global partnership for development that is based on equality and mutual benefit and designed to produce win-win results, ensure the coordination and harmonization of various international policies for development, and work for the comprehensive implementation of the Monterey Consensus and the Doha Declaration on Financing for Development with a view to realizing the MDGs on time. To this end, China believes that the international community should focus its efforts on the following areas:

First, reinforce the monitoring and implementation of ODA. The developed countries should demonstrate greater political will and truly honor their commitments. The international financial crisis should not be an excuse to cut back on ODA. Secondly, strengthen the coordination of macroeconomic policies, maintain the stability of the international financial market and promote a sustained, balanced and inclusive growth of the international economy. Thirdly, speed up the Dora Trade Talks to push for the further opening up of the market and oppose trade protectionism. Fourthly, improve the global economic governance and deepen the reform of the international financial system so as to give greater representation and a bigger voice to the developing countries. Fifthly, actively explore new channels of financing on the basis of increasing the level of ODA. Innovative financing should be a supplement to ODA, not a substitute for it, and it should be conducted on a voluntary basis and should not unduly burden the developing countries.

Mr. Chairman:

Since the outbreak of the world financial crisis, China has actively helped other developing countries to deal with the crisis while coping with its own difficulties. At the 2010 High-Level Meeting on the MDGs, Premier Wen Jiabao announced a host of initiatives for helping the developing countries, including helping them improve people's livelihood, reducing or canceling their debts, and strengthening cooperation in the areas of finance, economy, trade, agriculture and human resources training. China will continue to expand its foreign aid under the South-South cooperation framework and do what it can to assist the needy developing countries together with the international community. China will continue to take an active part in international financing for development, promote the comprehensive implementation of the Monterey Consensus and the Dora Declaration on Financing for Development and contribute to the international cooperation for development.

Thank you, Mr. Chairman.