Beijing pledged billions to aid developing country over 15 years, says Xi Jinping

He said yesterday that Beijing will establish an assistance fund with an initial pledge of $2 billion to help developing countries implement a sweeping global sustainable development agenda over the next 15 years.

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

"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.

The 193-member United Nations General Assembly on Friday adopted the most far-reaching agenda ever of global goals to combat poverty, inequality and climate change, capping years of debate.

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.

"Looking to the future, China will continue to take a right approach to justice and interests by putting justice before interests and join the other countries in the concerted efforts to realize the post-2015 development agenda," Xi said.

During Xi’s first state visit to the United States, he and U.S. President Barack Obama also unveiled on Friday new steps they will take to deliver on pledges they made then to slash their greenhouse gas emissions.

One of the steps announce 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.

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 Barack Obama, Russian President Vladimir Putin and Iranian President Hassan Rouhani on the first morning alone.

Obama and Putin will meet Monday. The prospects for any meeting between Obama and Rouhani, even a handshake, remained unclear.

Rouhani arrived Saturday and immediately was encouraged by U.N. Secretary-General Ban Ki-moon to have Iran step up to help achieve political settlements to the grinding conflicts in Syria and Yemen, where Iran has influence. The Islamic republic is a top ally of the Syrian government of President Bashar Assad and supports Shiite Houthi rebels who have held parts of Yemen for months.

Iran’s president said in his address that the recent deal with world powers on its nuclear program “has created suitable conditions for regional and international cooperation,” including on protecting the environment.