Mr. President,

China aligns itself with the statement made by Fiji on behalf of the Group of 77 and China.

We are facing a complex world economic situation. While the overall situation is looking up, the negative effects of the international financial crisis linger on and there is still a long way to go before the global economy fully recovers. Such a complex situation has posed numerous challenges to international development cooperation like declining political will, inadequate resources for development and deterioration of the development environment, and has further brought to the fore the difficulties of financing for development. Against such a backdrop, this high-level dialogue on financing for development is of particularly great importance. I hope that this meeting will help amalgamate political will and mobilize resources so as to push forward international cooperation in financing for development.

Mr. President,

Steady and adequate financial support is the key to development. Ensuring such support for the socio-economic development of developing countries will help with their development, which in turn will advance the development and prosperity of the whole world. In view of this, the international community should take a holistic and long-term view of the question of financing for development, forge political will at the global, regional and national levels, build and improve a global development partnership characterized by equality, mutual benefit and win-win results, and mobilize resources to achieve all the development goals. In this respect, the United Nations should play a leading role. China proposes that efforts be made in the following aspects:

First, promote strong, sustainable and balanced growth of the world economy. Promoting world economic recovery and growth and realizing common development and prosperity of all countries are the fundamental objectives and tasks of cooperation on financing for development. Governments should adopt responsible macro-economic policies, engage in timely communication and coordination, work together to build a world economy in which countries find innovative ways of development and in which the growth of all countries are interlinked and their interests integrated. In this way, the development of one country will stimulate growth in others and produce positive instead of negative spill-over effects. Countries should work together to preserve and develop an open economy, make integrated use of international and domestic markets and resources.

Second, effectively implement the Monterrey Consensus and the Doha Declaration on Financing for Development. ODA represents an important cornerstone of international development cooperation and the main source of financing for many developing countries. Developed countries should shoulder the primary responsibility for financing for development and effectively fulfill the commitment of using 0.7% of their GNI as ODA. Developing countries should continue to strengthen South-South cooperation, unite and engage in mutual help, share development experience so as to supplement North-South cooperation and achieve common development. International financial institutions should mobilize and coordinate all possible resources to increase input in the field of development. China believes that efforts should be scaled up to build the follow up mechanism of the Monterrey Conference on Financing for Development and that the Follow-up International Conference on Financing for Development should be held at an early date.

Third, improve global economic governance. Greater efforts are needed to build a fair, open and orderly international economic environment so as to expand cooperation and achieve win-win results. It is necessary to deepen the reform of the international financial system, increase the representation and voice of emerging markets and developing countries, strengthen the regulation of international financial markets, and build a stable and risk-resistant international monetary system. We should safeguard a multilateral trading system that is free, open and non-discriminatory and explore ways to improve rules on global investment, thus guiding the rational flow of global development capital, leading to more effective distribution of development resources. More should be done to cancel the debts of developing countries and expand their market access, provide them with financial support on a priority basis, and encourage and support their capacity building.

Fourth, discuss financing for sustainable development within the framework of financing for development. For now and the foreseeable future, international development cooperation will focus on implementing the outcome of Rio+20 and formulating the post-2015 development agenda, with financing for development and financing for sustainable development as the core components. The international community should, on the basis of a comprehensive assessment of the amount of capital needed by developing countries in order to realize IADGs and sustainable development, explore ways of financing for sustainable development in accordance with the Monterrey Consensus and under the framework and the principles of financing for development, and further clarify the relationship between financing for development and that for sustainable development. Now that the intergovernmental committee of experts on financing for sustainable development already started its work in August this year, we hope that it will come up with options of an effective strategy of financing for sustainable development as soon as possible.

Mr. President,

China is an active participant and practitioner of international financing for development. Taking development as a high priority, we have steadily pushed forward reform and opening up to the outside world and achieved steady and relatively fast economic growth. While pursuing its own development, China has also assisted other developing countries to the best of its ability. Since 2000, China has provided assistance to over 120 developing countries under the framework of South-South cooperation, built more than 200 schools and over 30 hospitals and malaria prevention and treatment centers, and trained more than 80,000 people in various skill categories. Having put forward a series of initiatives to help other developing countries improve people's lives, cancel debts, strengthen financial, economic, trade and agricultural cooperation and provide human resources training, we are now in the process of implementing those initiatives. During his visit to Africa last March, the Chinese President Xi Jinping announced further initiatives in support of Africa's development, including honoring the commitment of providing loans to Africa in the amount of $20 billion within three years, translating into reality the partnership for transnational and trans-regional infrastructure development in Africa, implementing the African Talents Plan and increasing technology transfer to and experience sharing with Africa. China stands ready to continue to take an active part in international financing for development to promote the comprehensive implementation of the Monterrey Consensus and the Doha Declaration on Financing for Development, thus contributing to international development cooperation.

Thank you, Mr. President.