PRESIDENT Xi Jinping on Saturday pledged US$2 billion for a new development fund for poor countries on a U.N. visit.

    Xi, in his first address to the United Nations, said China would act “by putting justice before interests and joining other countries in a concerted effort to realize the post-2015 agenda.”

    Xi said that China would launch an assistance fund for developing countries with an initial investment of US$2 billion and step up investment in the least developed countries — which are mostly in Africa — by at least US$12 billion by 2030.

    Xi said that China would also relieve debts owed by least developed countries this year. He did not provide a figure on the debts or say which countries would be affected.

    The United Nations on Friday set a goal of ending extreme poverty by 2030, an effort that the global body says could require up to US$5 trillion a year.

    Described by the U.N. Secretary-General Ban Ki-moon as “a to-do list for people and planet,” the 17 Sustainable Development Goals are to be implemented over the next 15 years with a big global push to win public and political support.

    On Saturday at the United Nations, Xi also said China would establish a development knowledge center to allow countries to share best practices.

    “China will propose discussion on establishing a global energy Internet to facilitate efforts to meet the global power demand with clean and green alternatives,” Xi said.

    After his speech, the Chinese president hosted a meeting on South-South cooperation attended by more than a dozen leaders eager to present their wish lists.

    Ugandan President Yoweri Museveni urged Xi to encourage Chinese companies to invest in Africa and to open up the Chinese market to African goods as the best way to promote economic development.

    He then added a third, concrete request. “Tourists. If you could send me just 2 million of those, I’ll be very happy,” said the Ugandan leader, drawing applause.

    In January, Xi promised US$250 billion in investment over 10 years in Latin America.

    China’s economy has soared over the past 15 years to become the world’s second-largest after the United States, although concerns have been rising in recent months over the country’s financial markets and long-term growth.

    “It is important to improve global economic governance, increase the representation and voice of developing countries and give all countries equal right to participate in international rule-making,” Xi said.

    Xi called on developed countries to remain “the main channel” for assistance to poor nations.

    On his visit Friday to Washington, Xi pledged action on climate change.

    China promised US$3.1 billion to help developing countries adapt to climate change and said it would set up a “cap-and-trade” system to limit emissions.

    (SD-Agencies)

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