China pledges $2b to support South-South cooperation

UNITED NATIONS -- Chinese President Xi Jinping announced on Saturday that China will provide $2 billion to support South-South cooperation.

China will set up a fund, with initial contribution of 2 billion dollars, to support South-South cooperation and assist developing countries in implementing their post-2015 development agenda, Xi told the United Nations Sustainable Development Summit at the UN headquarters in New York.

Xi said China will also do its best to raise its investment in the least developed countries (LDCs) to $12 billion by 2030.

Sharing his view on the post-2015 development agenda, the Chinese president called for an equitable, open, all-round and innovation-driven development path, stressing that no country should be left behind.

To that end, Xi put forward a four-point proposal on implementing the post-2015 development agenda and achieve win-win cooperation.

All countries should enhance their development capacity, the environment for development should be improved, the development partnership between rich and poor countries should be optimized, and coordination mechanism for development should be strengthened, he said.