China's President Xi Jinping has pledged to assist the United Nations (UN) achieve its goal of eliminating extreme poverty globally by 2030. Xi said Saturday that China would create a fund to help the poorest countries in the world develop. The fund would initially begin with $2 billion but would gradually be increased to $12 billion during the course of 15 years.

Like Us on Facebook

Xi, who made the pledge while addressing a United Nations development conference in New York, also said peace and development are prerequisites for solving the challenges confronting the world.

"Looking around the world, the peace and development remain the two major themes of the times," he said. "To solve various global challenges, including the recent refugee crisis in Europe, the fundamental solutions lie in seeking peace and realizing development."

Xi also said China would forgive all debts to developing countries due this year. However, he did not specify the exact amount of debt that would be written off. Xi went on to announce that Beijing would offer more scholarships and assist in 600 projects outside its borders in the next five years.

The 62-year-old President, who is on his first visit to United States, said the pledge is a reflection that China is accepting it growing global responsibility as the second largest economy.

He added that the pledge showed that China is "putting justice before interests." Xi also said China is an example that education and development can help millions escape poverty. Beijing has led a campaign that took up to 439 million Chinese out of poverty.

China's monetary pledge to the poorest countries in the world gives momentum to the new UN Global Goals for Sustainable Development. The ambitious program, which was launched Friday and backed all member states, aims to eliminate hunger and poverty by 2030.

China played a paramount role in the global success of the outgoing UN Millennium Development Goals. It is not clear if China's experience and expertise in combating poverty and hunger would be used as background for the UN's new goals.

TagsChina United Nations Global Goals for Sustainable Develpment, China UN $12 billion Pledge, United Nations (UN), UN Millennium Development Goals, China World Hunger, China Eliminating Poverty