Vice Finance Minister Li Yong called on the developed countries on Friday to increase their official development assistance (ODA) and expand their market access to developing countries. 

In a statement at the 73rd ministerial meeting of Group 24 held in Washington before the joint spring meeting of the International Monetary Fund (IMF) and the World Bank, Li said that the developing countries are still facing severe challenges in achieving the Millennium Development Goals (MDGs) set by the United Nations despite the enormous efforts by those countries.

  

The flow of ODA from developed countries only accounts for 0.23 percent of their gross national income and those countries should take further actions to move toward the 0.7 percent target as soon as possible, he said.

 

Li also said that a multilateral, reciprocal, non-discrimination world trade is at the core of the Doha Development Round of trade negotiations and is an effective way to help developing countries in their economic development and poverty reduction.

 

Developed nations should expand their market access to developing countries and eliminate agricultural subsidies so as to ensure the success of the Doha Round negotiations, Li said.

 

He also called on the developed countries to increase technology transfer to developing countries and reduce restrictions on free and orderly flow of factors, including labor force, in the process of promoting trade.

 

The Intergovernmental Group of Twenty-four on International Monetary Affairs and Development (G24) consists of 24 developing countries. 

 

(Xinhua News Agency April 16, 2005)