China urges developed countries to help developing countries in economic crisis

09:30, October 04, 2009      

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China today urged developed countries to help developing countries, the poorest countries in particular, realize their agenda for poverty reduction and sustainable development.

The statement was made by Chinese Deputy Finance Minister Li Yong at the G24 ministerial meeting held in Istanbul on Saturday on the eve of the International Monetary Fund and World Bank annual meetings.

He said that the global financial crisis originated from developed countries. But its negative impacts on developing countries, particularly on the poorest countries are even worse.

"The developed countries should take their due responsibilities and obligations to help developing countries, particularly the poorest countries realize their agenda for poverty reduction and sustainable development," he said at the meeting.

He said: "The developed countries should honor their commitments of ODA enhancement to 0.7% of GNI, open market and technology transfer."

He noted that the World Bank and other international financial institutions should adhere to and strengthen their core mandate of poverty reduction and development.

"They should carefully assess the difficulties that developing countries are facing, including higher financing cost, deterioration of external account and economic slowdown," he added.

He urged international financial institutions to provide financial support in more flexible, diverse and facilitative ways to help developing countries advance social and economic progress.

Speaking about the on-going global economic crisis, the deputy minister said that some positive signs have begun to show in the global economy thanks to the collective efforts of the international community.

"A recovery process, although show and uneven, is underway," he said.

At this juncture, it is important for developing countries to gather together and discuss major global economic issues, he stressed.

He noted that the developing countries are already an important and integral part of the global economy. They are a strong pillar for the recovery of the world economy.

"It is imperative to enhance developing and transitional countries' voice and participation in the World Bank Group as a necessary part of the international community's collective efforts in responding to the financial crisis and the heightened needs of the bank's core mandate of poverty reduction and development," he stressed.

He said: "We call on all parties concerned to maintain the reform momentum and work even more closely together to push for significant progress through the reform."

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