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China urges practical steps to help developing countries in confronting crisis (12/01/08)

DOHA, Nov. 29 (Xinhua) -- China on Saturday called for efforts to create global development partnerships and urged the international community to take practical steps to help developing nations in confronting the ongoing global financial crisis.

Vice Chinese Foreign Minister He Yafei, as the special envoy of Chinese President Hu Jintao, made the remarks at the plenary session of the U.N.-sponsored Follow-up International Conference on Financing for Development.

The spreading international financial crisis, coupled with the complicated and grave international economic situation, is posing a challenge to efforts to implement the Millennium Development Goals, He said.

The international community should approach the issue of financing for development from an overall and long-term perspective, establish partnerships for global development and take practical steps to help the developing countries.

On the issue of financing for development, a balance needs to be struck in the following points, He said.

Special attention should be given to efforts to minimize the impact of the financial crisis on developing countries, so as to maintain a good balance between stabilizing the financial market and helping vulnerable countries and communities.

Moreover, relevant parties should do more to promote global economic growth and stability, and stand firm against protectionism in efforts to conclude the Doha round of negotiations at an early date, he said.

He also urged the developed nations to fulfill their commitments on aid, and offer debt forgiveness and technology transfers to the developing nations.

While seeking solutions to the longstanding problem of development deficits, countries around the world should also mobilize new and extra funds to effectively cope with such emerging challenges as energy security, food security and climate change, He said.

On crisis response and prevention, He called on countries worldwide to continue their efforts in stabilizing the financial market as well as in building a just, equitable, inclusive and orderly international financial system.

Efforts should be made to carry out necessary reforms of the existing international financial system and its governance structures in a timely, gradual, comprehensive and balanced manner, He added.

The United Nations, the most authoritative international organization in the world, should continue to play its leading role in financing so as to encourage the international community to make bigger investments in development, he noted.


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