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Remarks by Mr. He Yafei Special Representative of Chinese President Hu Jintao at the UN Follow-up International Conference on Financing for Development
30 November 2008

2008/11/30

Mr. Chairman,

I wish to extend, on behalf of President Hu Jintao and the Chinese Government, warm congratulations on the convening of the Follow-up International Conference on Financing for Development and express my heartfelt thanks to the Government of Qatar for its thoughtful arrangement.


 

The world economy is at a highly complex and grave juncture. The international financial crisis has spread from one country to the whole world, from developed countries to emerging markets, and from the financial sector to the real economy, seriously affecting the economic development and people's life in all countries. All these undoubtedly have added to the difficulties for developing countries which are already hard hit by the energy and food crisis. This has brought unprecedented challenges to the implementation of the Millennium Development Goals.

Funding is the keyto development and is indispensible for economic and social development and environmental protection. The goal of financing is to achieve development and to provide developing countries with funding support for their economic and social development and keep their vitality so as to bring benefit to mankind. The development and prosperity of the world will not be possible without the revitalization and rising of developing countries. Therefore, we should think out of the box, treat financing for development in an overall and long-term perspective, and take concrete steps to help developing countries resolve their difficulties. The Monterrey Consensus is a blueprint for a holistic, comprehensive and far-sighted solution to the issue of financing for development. Since the International Conference on Financing for Development, the international community has implemented the Monterrey Consensus with success in some areas and deficiencies in others. Progress made has been uneven. There is still a big shortfall of funds for economic and social development and environmental protection and there is still a long way to go before global development goals are realized.

Mr. Chairman,

We are facing both old problems and new challenges. The traditional issue of funding shortage and the uncertain and destabilizing factors brought about by the financial crisis are intertwined. No country can tackle these problems on its own. Under these circumstances, to revisit the global partnership for development demonstrated at the Monterrey Conference and to strengthen dialogue and cooperation are of particular importance. All stakeholders should make good use of this opportunity to have candid, practical and in-depth exchange of views on a series of issues in the field of financing for development, build consensus, overcome the difficulties through coordination and cooperation to promote common development.

In the current highly complex circumstances, a solution to the issue of financing for development calls for a broad perspective, the resolve to take decisive actions and practical and effective measures. In particular, we need to properly handle the following relationships.

First, the relationship between stabilizing the financial markets and helping vulnerable countries and groups. It is hard to ensure stable and reliable financing during any financial turbulence. All parties must now take joint and effective actions to tackle the financial crisis. Governments should adopt resolute and prompt measures to speedily restore market confidence and maintain economic growth through necessary fiscal, monetary and regulatory means. The international community should continue to strengthen macro-economic policy coordination, expand economic and financial information sharing, and deepen cooperation in financial oversight to curb the spreading of the financial crisis. At the same time, we must note that developing countries are the most vulnerable given their low economic development level, single economic structure and weak risk control ability. Special attention should be paid to minimizing the impact of the crisis on developing countries so as to prevent the difficulties they face from getting graver. Well-targeted measures should also be taken to help those developing countries in need the most so as to alleviate their pains.

Second, the relationship between development at the national level and common development at the global level. In the context of economic globalization, countries and economies are getting increasingly interconnected and interdependent. Every country has a responsibility to map out and implement the development strategy that fits its national conditions, improve governance and maintain stability and development. In addition, all countries should do more to serve world economic stability and growth and refrain from adopting beggar-thy-neighbor policies. It is important to firmly oppose trade protectionism, bring the Doha round negotiation to a conclusion at an early date, achieve the goal of the development round and put in place a fair, open and non-discriminatory multilateral trade regime. Developed countries should honor their commitment of allocating 0.7 percent of their gross national income to ODA. To make aid more efficient, it is important to el