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China's president Xi Jinping pledges $2 billion to fight global poverty

September 26, 2015 6:03 pm

China’s president Xi Jinping has pledged $2 billion for a new development fund and increased investment in poor countries, vowing a greater role for Beijing in fighting global poverty.

Xi’s announcement, made in his first-ever address to the United Nations, follows long-standing criticism from the United States and other developed countries that China has not taken responsibilities in line with its aspirations for a greater global role.

Addressing a UN summit on development, Xi said China would act “by putting justice before interests and joining other countries in a concerted effort to realise the post-2015 agenda.”

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Xi said that China would launch a “South-South” assistance fund for developing countries with an initial investment of $2 billion.

The Chinese leader said that his country would also step up investment in least developed countries — which are mostly in Africa — by at least $12 billion by 2030.

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