China is stepping up efforts to help bridge the global development financing gap by scaling up aid and mobilizing resources in close partnership with multilateral institutions, underscoring stronger collaboration to deliver tangible outcomes, officials and representatives said at a forum.

Liu Junfeng, vice-chairman of the China International Development Cooperation Agency, said global development faces severe headwinds from rising conflicts and slow progress in implementing the United Nations' 2030 Agenda for Sustainable Development.

Addressing a sub-forum of the Third High-Level Conference of the Forum on Global Action for Shared Development in Beijing on Wednesday, Liu highlighted the contrast between the vast investment demand and the cuts in aid budgets by some developed countries, calling for stronger global consensus and resource mobilization.

Liu said that China will deepen South-South cooperation, continue to scale up aid and strengthen the development of the global development project and funding pools.

China has launched a global development project pool with over 1,800 cooperation projects and expanded the Global Development and South-South Cooperation Fund to $4 billion.

He added that the country will continue to support the functioning of institutions such as the Asian Infrastructure Investment Bank, the New Development Bank and the Silk Road Fund to "inject strong momentum into global development investment".

The sub-forum, themed "From Pledges to Action: Multilateral Collaboration that Mobilizes Capital for Sustainable Development and Brighter Future", was co-hosted by the AIIB, United Nations Children's Fund, and United Nations Development Programme.

It was agreed during the forum that CIDCA and AIIB will renew their memorandum of understanding, reaffirming their shared commitments to development and cooperation while further strengthening their partnership.

A renewed MoU will provide an updated framework for deeper cooperation in areas such as sustainable infrastructure, green development, knowledge sharing and capacity building, enabling them to better align their respective strength and resources in support of the partnership countries.

"This renewed MoU will continue our ongoing collaboration and help us move more efficiently from ideas to implementation," said Hun Kim, chief partnerships officer and director-general of the Sectors, Themes and Financial Solutions Department of AIIB.

Kim stressed that infrastructure needs across Asia and beyond remain substantial as public budgets tighten, development assistance declines, and private capital does not always reach the most needed sectors and countries.

The core challenge, he said, is how to turn commitments into investments and investments into real impact.

"The future of development finance isn't just about working harder. It's also about working smarter together," he added.

Looking ahead, he called for stronger upstream support — such as investing in technical assistance, capacity building and knowledge sharing — and people-centered solutions to ensure investments translate into tangible benefits.

It was also agreed during the forum that CIDCA and UNICEF will sign an MoU to strengthen cooperation on advancing development outcomes for children.

Kitty van der Heijden, deputy executive director for partnerships at UNICEF, said the organization is working with China to help bridge the financing gap for children, with MoUs spanning 25 countries.

"Every dollar you invest in a child raises a $10 return in societal benefits," she said, calling for broader cooperation to scale up investment in children to help address the widening mismatch between rising needs and shrinking investment capacity.

zhoulanxv@chinadaily.com.cn