Billions Of Dollars Pledged By China For The Developing World

China’s president on Saturday pledged billions in aid and said Beijing will forgive debts due this year in an effort to help the world’s poorest nations, as world leaders begin to seek the trillions of dollars needed to help achieve sweeping new development goals.

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

In his address, President Xi called for an equitable, open, comprehensive and innovation-driven development path in implementing the post-2015 development agenda adopted by the United Nations summit.

The ministry said China and the United States would maintain communication and cooperation in Afghanistan and support efforts to bring peace and stability.

In addition, Xi said, countries need to step up their macroeconomic policy coordination to avoid as much as possible negative spillover effects, and regional organizations should accelerate their integration process and build their overall competitiveness by mutually complementing intra-regional advantages.

“China is ready to set up a high-level joint dialogue mechanism with the United States on fighting cyber crime”, he added.

It is widely believed that Seattle was chosen as the first stop of Xi’s USA visit because it showcases the strong economic and people-to-people engagement between the two countries.

The adoring domestic coverage is important for Xi, who is grappling with Chinese market instability and a flagging economy at a time when he is seeking to consolidate his grip on the leadership ahead of a crucial Communist Party congress in 2017.

Biden recalled several years ago, when Xi was vice president under Hu Jintao, Hu and President Barack Obama decided that their deputies should get to know each other. We must enhance strategic trust and mutual understanding, respect each other’s interests and concerns, be broad-minded about our differences and disagreements, and to strengthen our people’s confidence in China-U.S. friendship and cooperation.

“China will establish an worldwide development knowledge center to facilitate studies and exchanges by countries on practices on development suited to their respective national conditions”, Xi said. The Chinese president said different countries should shoulder common yet differentiated responsibilities.

Xi said China and the U.S. fought fascist invasion during the second World War, shoulder-to-shoulder, and safeguarded peace, freedom and justice.

Announcing the gift, Xi pointed to his own country’s successes: China’s aggressive economic growth raised its citizens’ per capita income fivefold between 2000 and 2010. Ni hao. President Xi, Madame Peng, members of the Chinese delegation, on behalf of Michelle and myself, welcome to the White House.