China calls on international commitment to financing for development

China has always supported the United Nations' goal for financing for development and calls for international community to implement related pledges to address the issue, a senior official said in Bangkok on Monday.

The United Nations International Conference on Financing for Development adopted the Monterrey Consensus three years ago in Mexico, said Shen Guofang, China's Assistant Foreign Minister.

Hailing Monterrey Consensus as a landmark international document on development, Shen noted that its implementation is not to satisfaction, especially the official development aid (ODA) provided by developed countries is far below the target set by UN.

In this regard, Shen made three proposals on financing for development in perspective of specific circumstances in Asia and the Pacific region.

"It is essential to truly deliver on the existing commitments and provide more assistance to developing countries," Shen said at the ministerial roundtable on financing for development at the 61th session of UN Economic and Social Committee for Asia and the Pacific (ESCAP).

He noted that UN Secretary-General Kofi Annan recommended developed countries to "establish timetable to achieve the 0.7 percent target of gross national income for official development assistance by no later than 2015." Second, Shen said, it's important to facilitate fair and rational evolution of the international trading regime and furnish a favorable external financing environment.

He also said it's necessary for the region to take measures to improve local investment climate to make it more attractive to foreign capital.

The week-long 61st session started on May 12 in Bangkok, with ministers from the region attending the last two days' discussions.

They will focus their discussions on post tsunami recovery development and the issue of financing for development.