China urges favorable economic environment for developing countries

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Last updated at: (Beijing Time) Sunday, September 21, 2003

China urges favorable economic environment for developing countries

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The developed countries should take due responsibility to further open up their markets and lower trade and non-trade barriers to create a favorable environment for developing countries, a Chinese vice minister said Saturday in Dubai.

Chinese Vice Finance Minister Li Yong made the call at the Group of 24 ministerial meeting which opened here Saturday on the sidelines of the World Bank Group and International Monetary Fund annual meetings.

"Since the Monterrey Conference, developing countries have made tangible progress in policy reform. It is particularly encouraging that, at a time of global economic slowdown, many developing countries, through their own economic restructuring efforts and appropriate macroeconomic polices, have overcome the difficulties caused by decelerating international capital flows and unfavorable external environment, and have achieved good performance in economic growth," the Chinese vice minister said in a speech.

The UN conference on financing development was held in Monterrey, Mexico in March, 2002. And the Group of 24 (G-24) was established in 1971 to coordinate the positions of developing countries on international monetary and development finance issues and to ensure that their interests were adequately represented in negotiations on international monetary matters. Its meeting usually takes place twice a year. China has been a "special invitee" since the Gabon meeting in 1981.

The Chinese vice minister noted that there are still shortfalls in the process of development. "The most obvious problem can be summarized as that many developing countries, particular the poorest ones, are facing daunting challenges in economic development, due to the severe shortage of financial resources and lack of trade opportunities," Li said.

"The gap between the rich and poor is widening globally, which opposes huge challenges to the efforts in achieving the Millennium Development Goals (MDGs)," he added.

He said the inadequacy of Official Development Assistance (ODA) has become a fundamental constraint to achieving the MDGs.

"There is a still huge gap between what has been committed by the developed countries at Monterry and the additional 50 billion US dollars per annum required for the MDGs. The industrial countries should increase development assistance to reach the 0.7 percent UN target as soon as possible," Li said.

The Chinese vice finance minister also called on the developed countries to provide additional development assistance to the heavily-indebted poor countries (HIPC) in parallel with debt reduction.

"Being a developing country with relatively low per capita income itself, China is willing to do its best to contribute to the debt reduction for the HIPC countries," he added

Li also expressed regret that the Cancun trade ministers' meeting failed to reach an agreement.

To reduce the trade barriers by developed countries, especially in agricultural subsides, is the key to the success of Doha Round, he noted. "This will also be a good demonstration for the developed countries to fulfill their commitment under the Monterrey Consensus."

China hoped that all parties concerned make concerted efforts to promote the Doha development round, he added.

The Group of 24 consists of Algeria, Argentina, Brazil, Colombia, Cote D'Ivoire, Congo, Egypt, Ethiopia, Gabon, Gahana, Guatemala, India, Iran, Lebanon, Mexico, Nigeria, Pakistan, Peru, Philippines, South Africa, Sri Lanka, Syria, Venezuela, Trinidad and Tobago.

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