China Pledges Billions In Development Aid

Chinese President Xi Jinping, left walks with U.N. Secretary-General Ban Ki-moon, on Saturday at U.N. headquarters in New York. At a U.N. conference, Xi pledged billions in Chinese aid to developing nations.

Bryan R. Smith/AP

China's President Xi Jinping has pledged billions in aid to help the world's poorest countries implement sustainable development.

"China will continue to increase investment in the least developed countries, aiming to increase its total to $12 billion by 2030," Xi said in New York during a sustainable development summit of world leaders.

"China will exempt the debt of 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," he added, according to Reuters.

The Associated Press reports: "Xi and others spoke as the U.N. gathering began to shift focus from development to the high-powered General Assembly meeting that begins Monday with speeches by Xi, [President Obama], Russian President Vladimir Putin and Iranian President Hassan Rouhani on the first morning alone."

Reuters adds:

"One of the steps announced by Xi was that China would channel 20 billion RMB ($3.1 billion) to help developing countries combat and adapt to climate change, a significant financial pledge from an emerging economy.

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