China Urges More Financial Support for Developing Countries

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Last updated at: (Beijing Time) Tuesday, April 23, 2002

China Urges More Financial Support for Developing Countries

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A senior Chinese official said Monday that the international community should pay more attention to the participation of developing countries in the building of the world economy, which calls for more financial support.

Addressing a high-level dialogue between the U.N. Economic and Social Council and The Bretton Woods Institutions at the U.N. headquarters in New York, Assistant Governor of the Chinese People 's Bank Li Ruogu said it is of crucial importance for developing countries to fully participate in the course of formatting a new world economic order.

Li said that in the fast-developing world economy, developing countries, with a widening domestic income disparity and the growing population, have benefited much less in contrast to developed countries.

He stressed that in order to facilitate the integration of developing countries into the world economy, sufficient funding is needed much more than ever.

"To avoid any further negative impact of the unbalanced economic development, we strongly appeal that developed countries support the developing countries by providing full market access, translating the Monterrey Consensus into meaningful implementations by expediting capital and technology transfers, and increasing their Official Development Assistance (ODA)," Li said.

"ODA is a major source of funding for helping developing countries to realize their sustainable development," he said. " Regrettably, the overall level of ODA has been continuously decreasing and there have been more and more preconditions and requirements attached."

He urged the developed countries to reach their goal of providing ODA at 0.7 percent of their GNP as soon as possible. "At the same time, the conditions they attached to ODA should conform to realities in the recipient countries," he added.

The high-level dialogue comes as a follow-up to the International Monetary and Financial Committee meeting on development, which ended on April 20.

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