Along with promoting women’s rights, Chinese President Xi Jinping also spent the weekend making waves by announcing a $2 billion fund to help developing nations.
Speaking to a UN summit on development goals, the Chinese president said that the investment would actually reach to $12 billion over the next 15 years. He added that China would also cancel the debts owed to it by the world’s least developed nations.
Xi said that with these measures, he hoped to quicken the pace of development for some of the world’s poorest countries, and thus help to solve some of the world’s most pressing problems, via the BBC:
Looking around the world, the peace and development remain the two major themes of the times. To solve various global challenges, including the recent refugee crisis in Europe, the fundamental solutions lie in seeking peace and realizing development.
Facing with various challenges and difficulties, we must keep hold of the key of the development. Only the development can eliminate the causes of the conflicts.
China is offering to help developing countries, particularly those in Africa, make the same transformation that it did some 30 years before, raising more than 400 million people out of poverty, in what some have termed as the greatest economic miracle in human history.
Speaking to the SCMP, Jin Canrong, an international relations expert at Renmin University, said that this aid program signals that Beijing is becoming increasingly aware of its responsibilities as a global leader. Still, $12 billion over 15 years was lower than he had expected:
“It is about US$800 million per year, which is not much compared to our GDP of over US$10 trillion,” Jin said. “But I expect China’s foreign aid to increase quickly in the future because it was too low in the past.”
— China Xinhua News (@XHNews) September 27, 2015