Zhao Fengtao addresses parallel forum on capital mobilization and sustainable financing development

Zhao Fengtao, vice-chairman of the China International Development Cooperation Agency (CIDCA), attended and addressed the parallel forum on "Capital Mobilization and Sustainable Financing Development" on July 10. 

Jointly hosted by the Asian Infrastructure Investment Bank (AIIB) and the CIDCA, the parallel forum is an important agenda of the first high-level conference of the Forum on Global Action for Shared Development, held from July 9 to 10 in Beijing. 

In his speech, Zhao pointed out that financing for development is one of the eight priority areas of the Global Development Initiative (GDI). China has fully implemented the G20 Debt Service Suspension Initiative, established the Global Development and South-South Cooperation Fund, and assisted other developing countries in carrying out high-quality projects, demonstrating China's sense of responsibility as a major country, he noted. 

Meanwhile, the CIDCA has been actively exploring innovative solutions to the challenges in development financing by cooperating with the AIIB, China Export-Import Bank, China Development Bank, the International Fund for Agricultural Development, and the Bill & Melinda Gates Foundation in the field of funding support, according to Zhao. 

Zhao said that in the face of the global development financing gap, China is willing to work together with the international community to address the challenges in financing for development. He called for efforts in four aspects. 

First, building consensus on development. It is important to support the United Nations in playing a coordinating role in promoting the 2030 Agenda for Sustainable Development. China will firmly implement the GDI and share development opportunities with other developing countries. Second, optimizing the business environment. It is expected that all parties will work together to establish a fair and efficient financial governance framework. China will continue to deepen bilateral trade through foreign assistance and international development cooperation, continuously improving the local investment environment. Third, expanding financing channels. Development cooperation mechanisms should be further innovated to better leverage public investment and attract social and private capital. China will leverage the role of the Global Development Project Pool as a platform to gather funding support for developing countries. Lastly, he calls for global action. Developed countries should fulfill their international responsibilities and deliver on their commitments to provide assistance and funding to developing countries. China will continue to provide concrete support and assistance to other developing countries through capacity building and deepening South-South cooperation. 

Over 140 representatives attended this parallel forum. Participants, including former secretary-general of the United Nations Ban Ki-moon, government ministers of over 20 countries, heads of international organizations, ambassadors to China and representatives from financial institutions as well as experts and scholars held in-depth exchanges of views on the financing gap for sustainable development goals and how to achieve sustainable infrastructure construction by expanding private and public capital. Positive consensuses were reached at the forum.