October 28, 2009, New York

Mr. Chairman,

I would like to begin by welcoming the Secretary General's report on the agenda item under consideration. China associates itself with the statement made by the Sudan on behalf of the Group of 77 and China.

Globalization is an inevitable result of social and economic development. It can bring about an effective and proper mix of funds, technology, products, market resources and labor on a global scale, offer the people of the world opportunities to select high-quality goods and services at affordable prices, facilitate the liberalization of trade and investment, and accelerate the process of technology transfer and industrial restructuring. Globalization provides opportunities for the promotion of global economic development and the attainment of the MDGs.

At the same time, the adverse impact of globalization must not be overlooked. Countries at different stages of development vary in their positions in the global division of labor and in the amount of benefits they reap. The developing countries, with their weak economic foundation, their lack of financial and human resources and their low level of technology, are at the lower end of the chain of global industry in the globalization process. Relying mainly on the export of raw material and the processing of primary commodities, they are unable to enjoy the high returns of products with high added values, and thus find themselves at a disadvantage in the globalization process. This had led to imbalance in global economic development. In the current financial crisis, developing countries, the LDCs in particular, are hit the hardest. With the gap between the north and the south further widening, many developing countries are in danger of being marginalized in the process of globalization.

How to minimize the negative impact of globalization while engaged in the globalization process is a common challenge facing the international community. The ongoing financial crisis makes it all the more necessary to intensify international cooperation and steer economic globalization toward balanced and win-win results with dividends for all. In this context, I would like to emphasize the following points:

1. Joint responses to the financial crisis. Globalization calls for solving global crises, including financial crises. The current financial crisis originated from developed countries, but its ramifications have spread around the world. As a result of joint efforts of the international community, signs of stabilization have emerged in the international economic situation, but its basis remains shaky with multiple uncertainties. All sides must continue to strengthen cooperation and coordination, pay close attention to the sustainability of financial and monetary policies, make macro economic policies more proactive, flexible and forward-looking, take timely and effective measures to guard against and address hidden risks and perils, resume normal trade and investment, and set the world economy as a whole on a path of recovery.

2. Promotion of a balanced development of the world economy. Globalization should place development at its center, reduce the gap in the development of the north and the south, and secure common development at the national level. Developed countries should intensify their support to the developing countries in terms of resources and technology, promote their capacity building in pushing for economic transition and industrial upgrading, and help them integrate into the global economy and benefit from the process. The developing countries, on their part, should accelerate their industrial restructuring and scientific and technological innovation in the light of their own development, and foster the sustainable growth of their national economies.

3. Equal say for developing countries. Objectively speaking, there must be rules to regulate the behavior of participants in the process of globalization. The developing countries are at a comparative disadvantage in the globalization process and have long been unable to take part effectively in the formulation of major international economic decisions and relevant rules and regulations. Their legitimate concerns and interests do not get the attention they deserve. Such unfair practices must be promptly rectified. The representation and voice of developing countries in international financial institutions, in particular, must be increased in a meaningful way.

4. Enhance the role of the UN. In responding to the challenge of globalization, multilateralism is the most effective means to solve problems. As the most representative multilateral institution, the UN is playing a major role in responding to the financial crisis, climate change and other global issues. The UN should make full use of its advantages, effectively optimize the allocation of its resources, help developing countries solve problems they encounter in globalization, and guide globalization toward a mutually beneficial, win-win outcome.

Mr. Chairman,

Strengthening international economic cooperation has already become a logical choice for countries conforming to the trend of economic globalization. Practice has proven that active participation in economic globalization, expansion of cooperation in trade and investment with other countries, and maximizing domestic comparative advantages are effective ways to optimize the mix of domestic resources and raise one's status in the international division of labor. The developed countries can better utilize global resources through industrial migration. The developing countries can also improve their own industrial structure by accepting international industrial migration. China, as an active participant in economic globalization, is committed to securing common development with the rest of the world through enhancing international economic and technical cooperation. 

Thank you, Mr. Chairman.