(Photo by UN PHOTO)

 

Mr. Chairman,

I wish to first welcome the report of the Secretary General under item 123 (b).

The lingering effect of the international financial crisis and acute global challenges like food and energy security and climate change have brought into sharp relief the structural flaws of the current global economic governance. While it has undergone some changes recently, the global economic governance still adapts poorly to the changed world economic landscape. China believes that improving global economic governance will provide a strong institutional guarantee for the stable and healthy development of the global economy and is thus in the common interest of the international community.

The portion of the developing countries in world economy is now steadily expanding and their role in global economic governance is increasingly visible. The new global economic governance mechanism should reflect the changes in the world economic landscape, lay emphasis on representation, equality and effectiveness, follow the principle of mutual respect and collective decision making, and increase the representation and voice of the developing countries. The developed and the developing countries should enhance mutual understanding and coordination. The developed countries should fulfill their duties and obligations in global economic governance and take more concrete actions for development; and the developing countries should, based on their national conditions and levels of development, take up international responsibilities as their capabilities allow. Thus, all countries will work together for a balanced, inclusive, sustainable, innovative and secure growth of the world economy.

Mr. Chairman,

As the most universal, representative and authoritative inter-governmental organization in today's world, the United Nations plays an irreplaceable role in international affairs. Under the current circumstances, the international community should support the UN in playing an important role in global economic governance, especially in the field of development; and should engage in cooperation under the framework of the UN to tackle various global challenges in an appropriate manner. Other mechanisms can play a supportive and supplementary role to complement the work of the UN. China believes that the international community should focus efforts in the following aspects:

First, the United Nations should continue to play the central role in international cooperation for development, increase attention and input to the pillar of development, move forward the position of the question of development in the international agenda, and promote development from the macro and strategic level, especially to strengthen the coordination function of the ECOSOC.

Secondly, UN agencies should play an important role in international cooperation for development by securing resources, improving mechanisms, and promoting cooperation in this field, and provide solid institutional guarantee for international cooperation for development.

Thirdly, international institutions like the World Bank and the IMF should reinforce their development function, increase resources for development, and implement development projects to help the developing countries, the LDCs in particular, to realize development.

Fourthly, the G20 should give priority attention to development and make it a major topic of its discussion. It should strengthen cooperation and exchanges with the UN and other international organizations in order to provide the global development agenda with greater political impetus, more economic resources and better institutional guarantee.

Fifthly, the international community should work together to build a free, open, fair and equitable global trade environment, push for an early achievement of comprehensive and balanced results of the Doha Round, and realize the goal of the Development Round, thus injecting new energy in international cooperation for development.

Sixthly, the international community should expedite the establishment of a fair, equitable, inclusive and orderly new international financial order, strengthen international financial regulation, build up the capacity of the developing countries to withstand financial risks, and create a favorable international economic environment for international development cooperation.

Thank you, Mr. Chairman.