Developed countries should fulfill pledges on official development assistance: China

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UNITED NATIONS, Oct. 7 -- China Monday called on developed countries to fulfill the commitment on official development assistance (ODA), urging them to mobilize and coordinate all possible financing resources for sustainable development.

Wang Min, China's deputy permanent representative to the UN, made the remarks at the General Assembly's High-level Dialogue on Financing for Development.

He noted that 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."

"ODA represents an important cornerstone of international development cooperation and the main source of financing for many developing countries," he said. "Developed countries should shoulder the primary responsibility for financing for development and effectively fulfill the commitment of using 0.7 percent of their GNI (Gross National Income) as ODA."

According to UN figures, the current ODA is around 0.31 percent of national income of developed countries.

The envoy also noted that 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.

Furthermore, Wang pointed out that international financial institutions should "mobilize and coordinate all possible resources to increase input in the field of development."

The Chinese diplomat also said that greater efforts are needed to build a fair, open and orderly international economic environment so as to expand cooperation and achieve win-win results.

Calling for improvement of global economic governance, he said 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.

"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," he added.

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