Liu Zhenmin, China's deputy permanent representative to the United Nations, called on the international community on Wednesday to make integrated efforts to deal with the problems concerning financing for development.

 

Speaking at the High-level Dialogue on Financing for Development held at the UN headquarters, Liu said that there is no shortcut to the settlement of the problems concerning development financing.

 

Integrated measures and various means must be employed to finance through all channels, including mobilizing domestic fund, attracting international private investment, providing official development assistance and debt relief, as well as improving the international monetary, financial and trade regimes, he said.

 

As poverty and underdevelopment are mainly suffered by developing countries, the most difficult part of financing for development is to mobilize fund for developing countries, Liu said.

 

The biggest obstacle to financing for development is the innate deficiency suffered by developing countries due to their long-term backwardness, he said. In the light of this, the international community should make constructive intervention, rather than rely solely on the market force.

 

On the one hand, it needs to provide financial assistance to help developing countries resolve the pressing issue of development; and on the other, it should create a favorable external environment for developing countries to build their capacity for mobilizing fund through their own efforts, he added.

 

The 62nd session of the UN General Assembly began on Tuesday the High-Level Dialogue on Financing for Development to lay the ground for a review of anti-poverty promises pledged by world leaders in the 2002 Monterrey Consensus in Mexico.

 

(Xinhua News Agency October 25, 2007)