Wang Min, Chinese Deputy Permanent Representative to the United Nations, announced on Wednesday China will become the second-largest financial contributor after the United States for United Nations peacekeeping operations in the next budget year, and the third-largest contributor to the regular UN budget in the three-year assessment cycle starting next year, after the US and Japan. [Photo by Chen Weihua/chinadaily.com.cn]

A senior Chinese official to the United Nations announced China will become the second-largest financial contributor after the United States for United Nations peacekeeping operations in the next budget year on Wednesday.

Wang Min, Chinese Deputy Permanent Representative to the United Nations said the country will become the third-largest contributor to the regular UN budget in the three-year assessment cycle from 2016 to 2018, following the US and Japan.

According to a UN assembly resolution passed on Wednesday, China is going to pay 7.921% of the UN finance and share 10.2% of the UN peace-keeping cost, marking the second increase in the budget ratio for the country.

"China has become the world's second largest economy and therefore is due to contribute more to the UN fees," said Wang in a statement after the resolution, "...it also means China is more influential on the world stage."

The ambassador said that China, like any other developing country, cannot contribute more than it can afford and there should not be a double standard in expecting it to contribute more than other developing countries.

According to statistics in 2013, China's GDP in that year was $9.4 trillion and the second largest in the world while the per capita income was only $6,995, which was not even two thirds of the world's average level ($10,486).

Wang said China will contribute what it is obligated to financially in peace keeping as long as the calculation is fair and reasonable as a permanent member of the UN Security Council.

The ambassador also urged to tighten the UN's budget monitoring and accountability.

China contributed 1.00% of the UN budget in 2000 while 5.15% in the budget circle from 2013 to 2015.