Chinese President Xi Jinping’s Special Envoy and Finance Minister Lan Foan emphasized the need for stronger international cooperation to bridge the global development financing gap, during his address at the Fourth International Conference on Financing for Development held in Spain under the United Nations framework.
Speaking at the plenary session’s general debate, Lan stressed the interconnected nature of humanity, quoting President Xi’s metaphor that the world’s nations are not in separate boats, but together on one large ship sharing the same destiny amid global turbulence.
Lan highlighted the urgent shortfall in development financing and urged countries to unite in tackling these shared development challenges through collective action and mutual support.
He called on developed nations to fulfill their pledges on official development assistance and climate finance, while recognizing South-South cooperation as a vital complement to North-South efforts. He also advocated for diversifying development resource mobilization and enhancing orderly financing channels.
China proposed increasing the representation and voice of developing countries in the global financial system, encouraging the use of local currency instruments, strengthening financial safety mechanisms, and improving the overall efficiency of development financing structures.
Lan also recommended promoting open trade and investment, mitigating harmful spillovers from major economies’ macroeconomic policies, and fostering a stable environment conducive to development funding.
He concluded by reiterating China’s commitment to supporting developing countries through financial assistance and market access, underscoring China’s dedication to shared global development and collective prosperity.
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