Global partnership called for development

UNTIED NATIONS - A Chinese envoy to the UN on Friday called on the international community to continue to make united efforts to build a global partnership for development and work toward world economic growth and financial stability.

Wang Min, the Chinese deputy permanent representative to the United Nations, made the remarks at the High-Level Thematic Debate on the State of the World Economy and Finance in 2012, held at the UN Headquarters in New York on May 17 and 18.

Wang told the meeting that developing countries, as the major victims of the financial crisis, have yet to recover from the shock of this "development crisis" and are thus facing an uphill battle in their endeavor to realize the Millennium Development Goals (MDGs) on time.

"Speeding up the economic and social development of the developing countries is a key to world economic recovery and the only path towards prosperity of the whole world," said Wang, calling on the international community to "make greater efforts to promote the development of the developing countries, establish a fair and effective global development system, reinforce development institutions and increase development resources with a view to realizing all the MDGs."

The Chinese diplomat noted that greater efforts should be made to push the international monetary and financial system toward greater fairness, equity, inclusiveness and orderliness, with increased representation and voice of the developing countries.

"Financial regulation should be more targeted and effective and regulation of credit rating institutions and trans-boundary capital flow should be enhanced; the liquidity of major reserve currencies should be kept reasonably stable; the international monetary system should be further improved and efforts should be made to build a more equitable and rational international economic order," he said.

As for the multilateral trade system, Wang said that the international community should continue to press ahead with economic globalization, effectively honor commitments that have been made, firmly oppose and jointly resist protectionism in various forms, open markets to developing countries, reduce or cancel tariffs, and work toward a balanced multilateral trade system that benefits all countries and brings win-win results for all.

Furthermore, Wang called on countries to work actively to transform the mode of economic development.

"Economic recovery and sustained development are predicated on sustainable economic growth," he said, adding that China is willing to continue to work together with other members of the international community to make greater contributions to the realization of the comprehensive and sustainable development of the world economy.