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Tuesday, September 05, 2017, 11:31
Xi pledges US$500m for South-South cooperation
By Xinhua
Tuesday, September 05, 2017, 11:31 By Xinhua

XIAMEN - China will provide US$500 million to support South-South cooperation, President Xi Jinping announced Tuesday at the Dialogue of Emerging Market and Developing Countries. 

The funds will be used for fellow developing countries to tackle challenges such as famine, refugees, climate change and public health, Xi said.

"We will also provide other developing countries with 40,000 training opportunities in China in the coming year," he said in the southeastern Chinese coastal city of Xiamen. 

The Chinese president expects the dialogue to create strong impetus for deepening South-South cooperation and the implementation of the 2030 Agenda for Sustainable Development.

"I'm confident that this dialogue will strengthen the solidarity and cooperation among emerging and developing countries, and also contribute to the building of the BRICS mechanism," Xi said.
Engine of global growth

Calling the collective rise of the emerging market and developing countries "an irreversible trend of our times," Xi said these countries have made great contribution to global economic growth in recent years, accounting for 80 percent of global growth in 2016.

"They are worthy of the reputation as the main engine of global growth," Xi added.

At present, while the world economy is moving upward and the international trade and investment is picking up, the new round of technological and industrial revolution is gaining momentum with new industries, new technologies and new business models springing up, he said.

"From this point of view, emerging market and developing countries are faced with rare opportunities of development," Xi added.

Xi also called on the emerging market and developing countries to seize the opportunity arising from the adjustment of world economic structure.

Historical opportunity
Xi said the emerging market and developing countries should "enhance solidarity and cooperation so as to jointly seize the historical opportunity arising from the adjustment of world economic structure."

The new round of scientific and industrial revolution have created the fresh impetus for growth. Seizing the opportunity, the emerging market and developing countries can possibly catch up through "overtaking on a bend," he said.

Losing the opportunity, the divide between developed and developing countries could be wider and the development imbalance could worsen, he warned.

Therefore, the emerging market and developing countries should dare to innovate and reform, and drastically push forward economic restructuring so as to unleash their internal power of growth, according to Xi.

He also emphasized the need of improving people's livelihood, and called for more exchanges and greater capacity building in terms of infrastructure, science and technology, education and industry.


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