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Statement by the Chinese Delegation at the Special High-level Meeting of ECOSOC with the Bretton Woods Institutions, WTO and UNCTAD

2012-03-12 23:44

Theme 1: Promoting sustained, inclusive and equitable economic growth, job creation, productive investment and trade

Mr. President,

China associates itself with the statement made by the representative of Algeria on behalf of G77 and China.

The international financial crisis which broke out nearly four years ago has inflicted great damage on the world economy, particularly the developing economies. As things stand, world economic recovery still faces uncertain prospects. The rapid economic downslides experienced by some major economies, the serious sovereign debt problems besetting some countries, the continuing turbulence of the international financial market, growing protectionism of all forms and manifestations, and the worsening global problems of food and energy security, climate change and major natural disasters are posing great challenges to world economic development and have added to the urgency and difficulty in the developing countries' effort to keep on track the attainment of MDGs.

Against this backdrop, China believes that countries should further strengthen the coordination of their macro-economic policies, adopt effective fiscal and monetary policies, ensure the unimpeded flow of funds to sectors of real economy, and expand production and employment. Meanwhile, they should firmly oppose all forms of protectionism, push for the establishment of a balanced, universally beneficial and win-win multilateral trading regime to bring about robust and sustained growth of the world economy.

In his report, the Secretary-General mentions that, according to an ILO estimate, the world needs an additional 600 million jobs in the next ten years to offset the impact of the financial crisis. Small and medium-sized enterprises provide a huge number of job opportunities, but the financial crisis has landed many of them in unprecedented plights, including difficulties in borrowing on the market. May I ask the representatives of the various institutions, particularly that of the World Bank, what specific policy recommendations they would make to help free the SMEs from such plights so they could provide a strong buttress for the economic recovery of all countries.

Thank you, Mr. President.

Theme 2:Financing of Sustainable Development

Mr. President,

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

The UN Conference on Sustainable Development will be convened in Brazil this June. It will be another important conference on sustainable development since the Rio Conference on Environment and Development in 1992. The Chinese Delegation appreciates your decision to make the important theme of "financing of sustainable development" one of the topics of this spring session.

Over the past 20 years, the international community has made much progress in promoting sustainable development. All forms of international and regional cooperation on environment and development have deepened and the concept of sustainable development has taken a firm hold. Nevertheless, the objectives set out by the UNCED are far from being realized; regional economic and social development remains very uneven; ecological degradation and environmental pollution are getting worse; and various emerging global challenges are undermining the global efforts for sustainable development.

Most developing countries are faced with severe shortage of funds, lack of technology and weaknesses in capacity building in their endeavor to achieve sustainable development, among which the shortage of funds is the key. Developed countries should show greater political will and effectively honor their ODA commitments in order to provide developing countries with predictable and adequate funding with a view to helping them achieve sustainable development. International financial institutions such as the IMF, the World Bank and regional development banks should also steadily enhance financial and policy support for sustainable development. While the private sector has a significant role to play in financing for sustainable development, it is only a positive complement to, rather than a replacement for public financing as the major channel.

Mr. President,

Green economy is an important means to achieve sustainable development, and it is of positive significance for poverty eradication and economic restructuring. However, it also brings with it risks and challenges. Developing green economy is an arduous, complicated and lengthy process, which presents many practical difficulties, particularly for developing countries. The international community should strengthen cooperation, maximize the positive effect of the green economy and minimize the negative ones, effectively address the concerns of developing countries and provide them with more financial support.

I would like to ask the representatives of the IMF and the World Bank: what specific policies, including financing policies, are in place to support the sustainable development efforts of developing countries, especially the LDCs?

Thank you, Mr. President.

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