Ushering in a better world

President Xi Jinping's speech at the United Nations Sustainable Development Summit at the UN Headquarters on Saturday embodies China's latest contribution to South-South cooperation and global development.

Xi announced that China would set up a fund, with an initial contribution of $2 billion, to support South-South cooperation and help developing countries implement their post-2015 development agenda.

China will also try to raise its investment in the least developed countries to $12 billion by 2030 and exempt some of those countries - as well as some landlocked and small island nations - from repaying the outstanding intergovernmental interest-free loans due by the end of 2015.