China plans to step up its effort to resolve the global refugee crisis by providing $100 million and creating an additional $1 billion fund.

China's Premier Li Keqiang made this revelation on Monday at a United Nations refugee summit in New York, Reuters reported.

"We are committed to shouldering our responsibilities compatible with our abilities," Li said at the summit. "We would like to provide $100 million of additional humanitarian assistance on top of the previous pledges while considering taking further supportive measures."

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Li added that Chinese government is seriously contemplating forming a separate China-U.N. Peace and Development Fund to help developing nations in their efforts to deal with the refugee crisis.

During last year's annual gathering of global leaders in New York, China pledged to create a $1 billion fund to help UN in its mission to resolve the refugee problem.  China took the first step in this direction when it signed an agreement with the UN earlier this year to pay $20 million every year for next 10 years to fund peace, security, and development.

Under the terms and conditions of the agreement, China's financial contribution would be divided evenly between supporting peace and security for refugees and implementing a 2030 economic agenda for sustainable development.

Experts have noted that unprecedented refugee crisis due to conflicts in the Middle East and Africa poses a huge challenge for the entire world. The ongoing civil war in Syria, Afghanistan and several African nations has over the years drastically increased the population of refugees heading to Europe and North America.

Tagschina, Syrian refugees, refugee crisis, Refugee Summit