President Xi pledges fund to support South-South cooperation at UN summit

Chinese President Xi Jinping addresses the United Nations Sustainable Development Summit 2015 at the UN headquarters in New York, Sept. 26, 2015. Photo: Xinhua

Chinese President Xi Jinping has announced a fund with initial contribution of $2 billion to help developing countries implement their post-2015 development agenda at the United Nations Sustainable Development Summit.

Amid increasingly growing North-South development imbalance, the fund is a renewed effort in the wake of the United Nations Millennium Development Goals worked out 15 years ago, aimed at dragging billions of people worldwide out of poverty, said Xi.

"The post-2015 development agenda is a high-standard task list and a heavyweight letter of commitment…I call on the international community to carry out the post-2015 development agenda to realize a win-win situation," said Xi.

China will increase its investment in the least developed countries to $12 billion by 2030, and will exempt the debt of the outstanding intergovernmental interest-free loans due by the end of 2015 owed by the relevant least developed countries, landlocked developing countries and small island developing countries.

As part of China's plan to implement its post-2015 development agenda, Xi also announced that China will establish an international development knowledge center to facilitate studies and exchanges by countries on theories and practices of development suitable for their respective national conditions, and will propose discussion on establishing a global energy network to facilitate efforts to meet the global power demand with clean and green alternatives.

The Chinese president added that China is ready to work with other relevant parties to push forward the implementation of the "One Belt, One Road" initiative, achieve an early operation of the Asian Infrastructure Investment Bank and the BRICS New Development Bank, and contribute to the economic growth and people's well-being of the developing countries.

To crystallize China's ambitious plan, Xi put forward a four-point proposal for expanding South-South cooperation which he said should play a bigger role in promoting the collective rise of developing countries and generating a robust, sustainable, balanced and inclusive growth of the world economy.

Firstly, Xi urged developing countries to formulate their own development strategies based on their unique characteristics, saying that the international community should help them strengthen their capacity-building with niche-targeting supports.

Secondly, Xi called for an improved international development environment where every country should take on the responsibility of maintaining peace and development. He suggested that the international financial institutions should further accelerate the governance reform in a bid to create an institutional framework which has fair representation of the developing countries.

Thirdly, the Chinese leader said that developed countries should deliver on their promises and fulfill their obligations for a deeper partnership with developing countries. The international community should continue to let North-South cooperation play a dominant role in narrowing the gap between the two blocs, while deepening South-South cooperation, said Xi, calling for a deeper role of private sector in promoting such partnership.

Fourthly, Xi called for concerted efforts to improve the coordination development mechanism by coordinating policies for macro economy, accelerating integration of regional organizations and promoting regional complementary advantages. Xi stressed that must be guided by the United Nations.

China has so far basically achieved the United Nations Millennium Development Goals, cutting the impoverished population by 439 million people. Over the past six decades, China has offered 400 billion yuan of assistant fund to 166 countries and international organizations, said Xi.

(This article is translated and edited by Ding Yi.)

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