CIDCA chairman addresses closing ceremony of 1st high-level conference of Forum on Global Action for Shared Development

The first high-level conference of the Forum on Global Action for Shared Development concluded in Beijing on July 10, 2023. Luo Zhaohui, chairman of the China International Development Cooperation Agency (CIDCA), attended and addressed the closing ceremony. 

Luo said that the conference, which aimed to consolidate consensuses on development and resolve development difficulties for a better future, had achieved fruitful outcomes. 

First, as for consolidating consensuses on development, the conference participants unanimously agreed to persist with the United Nations Sustainable Development Goals (SDGs) and recognized that the Global Development Initiative (GDI) aligns with the urgent needs of developing countries. The participants all agreed that the SDGs and GDI should be advanced in coordination and in line with countries' development strategies. They called for dialogue and consultation to resolve hotspot issues to foster a favorable environment for development. 

In terms of gathering all parties' resources, the conference participants agreed that the UN should strengthen its coordination and prioritize the needs of developing countries, especially least developed countries and small island nations. "We should deepen South-South cooperation continuously, promote North-South dialogue, leverage complementary advantages, uphold common but differentiated responsibilities, and foster a new type of North-South relations. We must fully mobilize development resources from multilateral financial institutions, private enterprises, and social organizations, and oppose politicizing development issues," Luo said. 

The conference was designed to tackle development challenges, he said.  The conference participants acknowledged that the pursuit of cooperation and development among developing countries has been a trend of the times, he noted. Every country has its own development projects. However, the bottleneck for development is financing. Last year, China announced the establishment of the Global Development Project Pool and the Global Development and South-South Cooperation Fund. This conference agreed to establish a project pool and a funding pool, so as to mobilize resources from multiple sides, innovate financing models, expand the scale of financing, and address development difficulties. He stressed that "we need to adhere to problem-oriented and action-based approaches, use the 'two pools' and related funds effectively, and turn the China-proposed initiative into a true global action."

The conference also achieved substantial outcomes. The conference agreed to issue the Beijing Statement and announced the establishment of the "two pools", namely, the project pool and the funding pool. The Guidelines on the Global Development Project Pool and the Guidelines on Global Development Project Pool Financing were published at the conference. In addition, the CIDCA signed three financing cooperation agreements with the China Development Bank, the Export-Import Bank of China, and the Asian Infrastructure Investment Bank (AIIB), respectively. China also signed cooperation documents with the International Fund for Agricultural Development and the Bill & Melinda Gates Foundation, and announced the establishment of the "Youth Leaders' Community for Global Development".

Luo noted that China is not only an advocate of the GDI, but also an active practitioner of development cooperation. China will continue to increase its resource input into global development cooperation, strive to narrow the North-South gap, and firmly support and assist other developing countries in accelerating development. China is ready to continue to take positive actions, play a leading role, work hand in hand with all countries, and constantly strive to achieve the GDI and SDGs.

Zhao Fengtao, vice-chairman of the CIDCA, briefed on the project pool and its financing issues of concern to all parties and signed cooperation with relevant parties. 

President of China Agricultural University Sun Qixin, Vice-chairperson of the Shanghai Municipal Committee of the Chinese People's Political Consultative Conference Huang Zhen, Vice-president of the AIIB Danny Alexander, and Chairman of the China International Contractors Association Fang Qiuchen briefed the participants on the outcomes of their respective sub-forums.