Speech by CIDCA Chairman Luo Zhaohui at the 2023 ECOSOC Financing for Development Forum

Speech by CIDCA Chairman Luo Zhaohui at the 2023 ECOSOC Financing for Development Forum

(UN Headquarters, New York, April 2023)

Your Excellency Ms. Lachezara Stoeva, President of ECOSOC,

Ladies and gentlemen,

It is my great honor to attend today's Forum.

To realize the UN 2030 Sustainable Development Goals (SDGs) , financing is very crucial.

What many countries lack is not good development projects but sufficient funding, which largely slows down SDGs' implementation.

Today's international environment has made the shortfall in financing more complicated. What we are facing are increasing geopolitical tensions, intensified division, and even confrontation, among countries, slowdown in North-South cooperation, and expanding development gap. Developed countries' ODA commitments have not been met. Some countries would rather spend a lot on wars. According to the UN statistics, more than 800 million people are still hungry, 350 million people need humanitarian assistance. Development agenda is drifting away, and the momentum of SDGs is fading away.

Ladies and gentlemen,

We should cherish the global consensus on SDGs, act jointly for common development.

This is what China is doing now.

The Chinese government has established an inter-agency coordination mechanism, kept close cooperation with the UN and its entities. We have made the fastest SDG progress among developing countries, and achieved the poverty reduction goal of the SDGs 10 years ahead of schedule. Now, we are focusing on high-quality development, high-standard opening-up, and advancing Chinese modernization.

We believe that mankind lives in the global village. Common development of all countries is real development. President Xi Jinping has proposed important visions, such as the Community with a Shared Future for Mankind, the Belt and Road Initiative (BRI), and the Global Development Initiative (GDI).

By now, China has signed BRI cooperation documents with more than 170 countries and international organizations. More than 3,000 projects have been adopted.

The GDI is closely linked with SDGs. It has received support from over 100 countries and the UN. More than 100 early harvest projects have been achieved. Right now, we are working on two major issues concerning all parties, namely project-selecting and fund-supporting.   

China initiated the Asian Infrastructure Investment Bank (AIIB) and the BRICS New Development Bank, established the Global Development and South-South Cooperation Fund, and the China-UN Peace and Development Fund. China will also continue to provide grants, interest-free and concessional loans.

We are actively taking part in bilateral and multilateral free trade arrangements, such as the Regional Comprehensive Economic Partnership (RCEP). We are applying to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). So far, China has become a major trading partner for more than 140 countries and regions. China's foreign investment keeps growing in a stable manner. Our trade and investment abroad have greatly promoted relevant countries' economic and social development.

China is implementing G20's Debt Service Suspension Initiative (DSSI) in all respects, with the largest amount of suspended debt among all G20 members. Through bilateral channels, we are helping developing countries easing their debt burden. No single country is beset with so-called debt trap because of China. 

China actively carries out human resource training, promoting exchange of development experience. With UN agencies, enterprises and NGOs, China also conducts trilateral cooperation in agriculture, health and other fields in Africa and Asia.

Ladies and gentlemen,

China is acting on SDGs and GDI. Meanwhile, global actions are also much needed.

First, consolidating consensus on SDGs, concentrating development efforts. This year features mid-term review of SDGs. We must uphold true multilateralism. Making good use of the SDGs' Summit, Third South Summit, First Forum on Global Action for Shared Development in China this year, we should reset development issue at the center of international agenda. Particular attention should be paid to resolving insecurity issues, creating a favourable environment for SDGs.

Second, emphasizing UN's leadership, strengthening comprehensive coordination. The UN should play a crucial and leading role in implementing SDGs, as well as in forming synergy between SDGs and GDI. We should push forward global development governance, strengthen policies coordination, commit to development as a priority, comprehensively link SDGs with countries' own development strategies, focus on consistent and joint action, and refuse empty talk.

Third, promoting North-South cooperation, working in the same direction. We should consolidate the international development cooperation setup, with North-South cooperation as the main channel and South-South cooperation as  useful supplement. We shall perform "common but differentiated responsibilities", expand trilateral and multilateral cooperation, seek common ground while setting aside differences in development concepts, rules, standards and other aspects, for fostering a new North-South relationship. Developed countries should firstly implement their own ODA commitments. Developing countries should level up their capacity for self-generated development and strengthen South-South cooperation.

Fourth, China is making consistent efforts to promote common development. The 20th National Congress of the CPC has announced that China is prepared to invest more resources in global development cooperation. It is committed to narrowing the North-South gap, supporting and assisting other developing countries to accelerate development. We will continue with our actions, make more contributions to achieving SDGs, and leave no country and no one behind.

Thank you all!