China on Thursday underlined the importance of ensuring fairness and effectiveness in conducting global governance, saying that efforts should be made to properly address various global issues and promote the common well-being of mankind.

The statement came as Chinese Foreign Minister Yang Jiechi was addressing the general debate of the 67th session of the UN General Assembly, which entered its third day?in New York?Thursday.

"We should ensure fairness and effectiveness in conducting global governance," Yang said. "Facing growing global challenges, the international community should strengthen coordination and cooperation, establish a fair, equitable, flexible and effective system of global governance, properly address various global issues and promote the common well-being of mankind."

"China supports the United Nations in enhancing its authority and efficiency and the ability to address new threats and challenges through proper reform as called for," he said. "It is important to advance the building of a global system of economic governance with a focus on reforming the international financial system, speedily implement the quota and governance reform plans of the IMF (International Monetary Fund) and other financial institutions and increase the representation and voice of emerging markets and developing countries."

"We should fully implement the outcome and consensus of the UN Conference on Sustainable Development, make new progress in international cooperation on sustainable development and discuss the formulation of a post-2015 international development agenda on the basis of actively implementing the UN MDGs."

MDGs stand for the Millennium Development Goals, a set of eight anti-poverty targets to be reached by 2015.

"We should launch a process of open, transparent and democratic intergovernmental consultation with development and poverty reduction as the core objectives," he said. "We should also fully leverage the role of the civil society and private sector in this endeavor. Together with all other parties, China is ready to take an active part in the reform of the international system and in global governance and jointly meet various global challenges."