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Statement by Ms. TANG Mengxiao, Advisor of the Chinese Delegation, at the Second Committee of the 63rd GA on Agenda Item 48: Follow-up to and implementation of the outcome of the 2002 International Conference on Financing for Development and the preparation of the 2008 Review Conference
2008-10-16

2008/10/16

(16 October 2008, New York)

Mr. Chairperson,

The Chinese delegation associates itself with the statement made by the representative of Antigua and Barbuda on behalf of the Group of 77 and China.

Financial resources are a prerequisite and an important guarantee for development. For years, shortage of financial resources has been a serious impediment to the economic and social development of developing countries. In 2002, the UN International Conference on Financing for Development adopted the Monterey Consensus, which has become a guiding instrument in international development cooperation. The global partnership for development advocated therein has become a major guiding principle in the efforts of the international community to eradicate poverty and promote development cooperation.

While recognizing some progress made in financing for development, we must also acknowledge that, with the longstanding development deficit and the huge financial gap, a favorable external environment for the development of developing countries has not yet taken shape. Apart from traditional problems, there have emerged a host of new challenges, such as the financial crisis, the energy crisis, food security, and climate change. Financing has become an even greater challenge for developing countries, especially for African countries.

According to the Secretary General’s report, the international community is facing the daunting task of maintaining its development efforts to consolidate the results achieved in poverty eradication and to obtain necessary domestic and foreign funding so as to increase resources for development. However, the facts are: the domestic funds of developing countries remain limited, the total volume of ODA has declined, the debt burden of some developing countries remains onerous, the WTO Doha Round negotiations have again broken down, and the international financial system is troubled by serious problems.

In last September, the UN held in succession the High-level Meeting on Africa's Development Needs and the High-level Event on MDGs, at which leaders of member states reaffirmed their commitments to development cooperation and stated in strong terms their resolve to jointly address the challenges and promote development. Toward the end of next month, the Follow-up International Conference on Financing for Development will be held in Doha, Qatar, to evaluate the implementation of the Monterey Consensus. This is an opportunity not to be missed. Parties concerned should strive for substantive progress at the conference in mobilizing development resources and ensuring adequate and predictable financing for development.

Mr. Chairperson,

Like the rest of the international community, especially the large numbers of developing countries, China has high expectations for the Doha Follow-up Conference. We hope that all parties will proactively intensify their efforts to implement the Monterey Consensus, advance the global development partnership, and supervise and promote the delivery of pledged international cooperation and development assistance. The developed countries should set down feasible time tables for the achievement of the target of allocating 0.7% of their GNI for ODA, increase their financial support and technical assistance to developing countries, LDCs in particular, provide debt relief, expand market access, promote direct investment, and, as demanded by the global development partnership, cooperate with developing countries in addressing global challenges.

Under the present circumstances, the international community should take further steps to promote reforms in the international financial system, establish a fair and just international trade system, and promote coherence and consistency among development policies and trade and financial policies. Governments must enhance their coordination in macro-economic policies, jointly assume responsibility to fend off financial risks, and maintain stability in the international financial market as well as in the world economy.

China believes that under the leadership of the President of the GA and the ambassadors of Egypt and Norway, the on-going consultations on the Doha Outcome Document will be action-oriented, focusing on implementation, will fully utilize the positive momentum of the high-level meetings on African Development and MDGs, and mobilize political will and all types of resources, so as to push for a broad consensus on effective implementation of the Monterey Consensus. With the Group of 77, we will actively participate in the consultations and strive for success at the Follow-up International Conference on Financing for Development.

Thank you, Mr. Chairperson.

 

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