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Statement by the Chinese Delegation at the Special High-level Meeting of the Economic and Social Council with the Bretton Woods Institutions, the World Trade Organization and the United Nations Conference on Trade and Development

2011/03/10

 

Mr. Chairman,

The Chinese delegation supports the statement made by the representative of Argentina on behalf of the Group of 77 and China.

Over the past two years, the impact of the international financial crisis has continued to play out, seriously eroding years of developmental achievements made by developing countries.During the UN High-level Meeting on the MDGs held in September last year, the international community pledged to redouble its effort to achieve the MDGs as scheduled.The world economy has now embarked on the track of recovery, but some new challenges and problems are cause for concern.

Due to the serious fluctuations in big-ticket commodity market and continued hikes of food and oil prices, many people in developing countries are faced with the threat of hunger and poverty, and excessive global liquidity is pushing up the inflationary pressure in emerging markets. Most developed countries didn't deliver their ODA commitments.

How to keep the international market for bulk commodities stable and maintain food security in developing countries? How to strengthen monitoring and early warning of capital liquidity and prevent the destructive impact of huge cross-border capital movement on individual economies? How to promote international financing for development, and ensure adequate and steady financial support for developing countries? These issues will all have important impact on the timely achievement of the MDGs.We look forward to feasible proposals and recommendations on these issues from the World Bank, IMF,WTO and UNCTAD.

Mr. Chairman,

The financial crisis has revealed the drawbacks of the current international economic governance structure, and prompted the international community to take the important steps to reform the international financial regime.As the crisis abates, the world is now returning to business as usual.it is getting harder for countries to coordinate their macroeconomic policies, and the will and urgency for reform is dwindling. However, the deep-seated problems in the international economic and financial structure remain unresolved, most developing countries are marginalized in the world economic decision making, the Doha round negotiations are still stalled, and the risk of trade protectionism continues to run deep.

To strengthen and improve international economic governance, it is imperative to allow developing countries to participate in the process fully and as equal partners, and effectively protect their legitimate rights and interests.The United Nations has a vital role to play in this regard. We hope the Bretton Woods institutions, WTO and UNCTAD will make full use of this dialogue, heed the concerns and requests of the Member States, and give full play to their respective strengths in the effort to reform the structure of the international economic governance and create a fair and favorable external environment for developing countries.

Mr. Chairman,

The extremely uneven development of the North and the South is the root cause of the world economic imbalance.The LDCs are a vulnerable group in the world economy. Medium-income countries, home to over 60% of the global poverty population, face multiple external impacts and risks.To achieve the MDGs on schedule, a key element is to provide these countries with lasting, sufficient and predictable financial support, and establish a new type of global development partnership that is more equitable and balanced in nature. We hope institutions participating in the dialogue will, in light of the specific national conditions and needs of the LDCs and medium-income countries, explore ways, such as debt reduction, trade-oriented aid and development financing, to increase assistance, make the assistance more targeted, and inject new impetus into international development cooperation.

Thank you, Mr. Chairman.

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