China to set up $1b peace fund

Xi says nation will provide millions in aid for the African Union in next 5 years

China will establish a $1 billion "China-UN Peace and Development Fund" to support the United Nations' multilateral cooperation and boost world peace, President Xi Jinping said on Monday.

Xi's announcement came in his first speech at the UN headquarters in New York City, at the annual debate of the 70th session of the General Assembly.