China, World Bank pledge $50m for poor

China and the World Bank signed an agreement on Thursday to set up a $50 million fund to help reduce poverty.

The initiative comes on top of their joint efforts to combat the downward pressure on the world economy and advance China's health reforms.

The trust fund, which is expected to start operating later this year, was approved during a visit to Beijing by World Bank President Jim Yong Kim. It will finance investment projects, knowledge development and human-resources cooperation at the global and regional levels, the bank said