<p>In recent years, Global South countries have faced a widening North–South development gap, grappling with poly-crises comprised of economic, environmental, technological, and geopolitical crises and shocks. Development finance is fundamental for Global South countries to address such poly-crises. However, Global South countries in general are experiencing a surge in demand for development finance alongside an inadequate supply. In addition, the limited development finance does not always flow into productive sectors that generate positive externalities for economic and social development. Compounding these challenges, many Global South countries are facing debt distress. To meet these rising challenges and steer global development back on track, there is an urgent need to improve the global development finance system. This means making it bigger, better, and more effective to meet the development needs of the Global South. China, as the largest Global South country and key player in South-South cooperation, will also play an important role in increasing financial resources for all Global South countries and ensuring these resources are fit for purpose.</p>