China leader pledges $2B for poor nations

It was China’s extraordinary record shifting so many families out the ranks of the poor which ensured that the overall global record in poverty reduction under the previous Millennium Development Goals was substantial, our correspondent says.

Chinese President Xi Jinping has announced a United States dollars two billion fund to support South-South cooperation in addition to launching the “Six 100s” initiative to help the developing countries in poverty reduction, agriculture, trade, environment, health and education.

Ban’s remarks came after Chinese President Xi Jinping announced that China will provide 2 billion USA dollars to support South-South cooperation.

Replicating and adapting these examples through South-South and triangular cooperation can provide cost-effective and replicable solutions to the challenges faced by many developing countries, he added, pledging the full commitment of the entire United Nations system to help developing countries achieve the 2030 Agenda.

Meanwhile, the $2 billion that has been pledged by Xi gave a considerable boost to the UN’s new Global Goals for Sustainable Development; however, there were only a few details about how the funds from China or other member countries would be spent as the country had not decided yet if it would be distributed as loans or in cash.

Outlining the full spectrum of South-South cooperation, he highlighted trade and foreign resource transfers, infrastructure financing, remittances, foreign direct investment, technology transfer and capacity development to regional integration.

He called for improving global economic governance, increasing the representation and voice of developing countries, and giving all countries equal right to participating in worldwide rule-making.

The Chinese leader also becomes an active investor around the world. And over 700 of them have laid down their precious lives in aiding the development of other countries.

China has lifted 439 million people out of poverty and made remarkable progress in areas of education, health and women’s welfare over the past 30-plus years since the country embarked on reform and opening-up, Xi said. In relation to this, China showed an effort to be generous by deploying 600,000 Chinese aid workers to 166 countries.

China has set up its own lender, the Asian Infrastructure Investment Bank, which Mr Xi reaffirmed would open soon.