At UN, need to support global development stressed

The leader of the China International Development Cooperation Agency (CIDCA) on Tuesday emphasized China's achievements in global development and reiterated its commitment to narrowing the North-South gap and supporting developing countries.

"What we are facing are increasing geopolitical conflicts, intensified major power competition, a slowdown in North-South cooperation, and an expanding development gap," Luo Zhaohui, chairman of the CIDCA, said at the 2023 Economic and Social Council Financing for Development (FfD) Forum at the United Nations.

"North countries' assistance promises have not been met. Some countries would rather spend a lot on wars," he said.

China holds that mankind lives in the global village, said Luo. "All countries' development is the only real development," he said, emphasizing the achievements China has made in recent years in global development.

He said China has signed Belt and Road Initiative (BRI) cooperation documents with more than 170 countries and international organizations. More than 3,000 projects have been adopted.?

The Global Development Initiative, which is closely linked with sustainable development goals (SDGs), has received support from more than 100 countries and the UN. More than 100 early harvest projects have been completed, according to Luo.

China initiated the establishment of the Asian Infrastructure Investment Bank (AIIB) and the BRICS New Development Bank. It also established the Global Development and South-South Cooperation Fund and the China-UN Peace and Development Fund.

"We are actively taking part in bilateral and multilateral free-trade arrangements, such as the Regional Comprehensive Economic Partnership. We are applying to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership," Luo continued.

So far, China has become a major trading partner for more than 140 countries and regions, and China's foreign investment keeps development stable, he said. China's trade and investment abroad "have greatly promoted relevant countries' economic and social development", said Luo.

Luo pointed out that China is implementing the G20's Debt Service Suspension Initiative in all respects, with the largest amount of suspended debt among all G20 members. Through bilateral channels, China is helping developing countries ease their debt burden.

"No country is beset with a debt trap because of China," said Luo.

China actively conducts human resources training and promotes exchange of governance experience, he said. With UN agencies, enterprises and NGOs, China also conducts trilateral cooperation in agriculture, health and other fields in Africa and Asia, said Luo.

China is "committed to narrowing the North-South gap, and supporting and assisting other developing countries to accelerate development. We will continue our actions, make more contributions to achieving SDGs, and leave no country and people behind," Luo said.

Dai Bing, China's deputy permanent representative to the UN, also spoke at the forum on Tuesday.

Dai emphasized that major developed economies should effectively adopt responsible fiscal and monetary policies to avoid greater negative spillover effects.

"Some countries are pursing decoupling, which violates the spirit of free trade and market rules, and this action has brought serious negative impacts on the world economy. China firmly opposes it," Dai said.

Dai called for efforts to solve the structural problems that have plagued the global economic governance system for a long time; accelerate the reform of the international financial architecture; and enhance the voice and representation of developing countries and emerging market countries.

The international community should "uphold the multilateral trading system and rules centered on the World Trade Organization, oppose unilateralism and protectionism, and promote economic globalization that is open, inclusive, balanced and win-win", the envoy said.

Dai said multilateral institutions and the private sector should actively participate in the implementation of the international consensus on debt relief, give full play to the role of multilateral development banks, and provide more development resources for developing countries.

The 2023 FfD Forum, which opened on Monday, is a four-day conference at UN Headquarters in New York. The forum seeks to "provide a platform for inclusive, multi-stakeholder dialogue to address the current global challenges and advance policies for financing long-term sustainable development priorities", according to the UN.