SEVILLE, Spain (Xinhua) Chinese President Xi Jinping’s Special Envoy and Minister of Finance Lan Foan on Tuesday called for greater international cooperation and responsibility in addressing the global development financing gap, as he delivered a speech at the United Nations Fourth International Conference on Financing for Development here in Spain.
Speaking at the general debate of the plenary session, Lan said that humanity is a community with a shared future. Citing President Xi, he said that in the face of turbulent global crises, countries are not navigating in more than 190 small boats, but are sailing together on one large ship with a shared destiny.
Lan noted that the world is facing a significant shortfall in development financing. He called on the international community to join hands and work together to address development challenges.
China urges developed countries to fully honor their commitments to official development assistance and climate finance, regard South-South cooperation as an important supplement to North-South cooperation, support broader mobilization of various development resources, and expand coordinated and orderly development financing channels.
China also calls for enhancing the voice and representation of developing countries in the international financial architecture, promoting the use of local currency financing instruments, strengthening the global financial safety net, and improving an efficient and sound development financing system.
In addition, Lan advocated for promoting trade and investment liberalization and facilitation, reducing the negative spillover effects of macroeconomic policies of major economies, and fostering an open and stable environment for development financing.
Lan emphasized that China has, within its capacity, actively provided financial support and opened its market to developing countries, helping them improve their capacity for independent development. He said that China remains committed to being a contributor to global development and to promoting common prosperity and progress for all nations.
