"We will upgrade the South-South Cooperation Assistance Fund to a Global Development and South-South Cooperation Fund, and add $1 billion to the fund on top of the $3 billion already committed. We will also increase input to the UN Peace and Development Trust Fund. Such efforts will further support cooperation under the GDI," Xi said.

He announced that China will set up a platform for experience and knowledge sharing on international development, a global development promotion center and a global knowledge network for development, for the purpose of exchanging governance experience and promoting mutual learning.

China will host a global forum on youth development and take part in the launch of a global action plan on youth development, in a bid to pool as much strength as possible for the implementation of the 2030 Agenda for Sustainable Development, he added.

Leaders from 18 developing countries participated in the virtual dialogue meeting. They exchanged views on promoting international cooperation to step up the implementation of the UN 2030 Agenda and reached a broad consensus.

During the meeting, the leaders expressed their appreciation and full support for the Global Development Initiative and the Global Security Initiative, both proposed by China, saying that the initiatives represent the concerns and needs of developing countries, and help to build up international consensus and mobilize resources for development to accelerate the implementation of the UN 2030 Agenda.

They expressed hope that international cooperation would be strengthened in poverty reduction, COVID-19 response and food security. Efforts should be made to strengthen synergy between the GDI and the regional development strategy to jointly address challenges arising from poverty, inequality and development, they said.

The leaders also expressed their serious concerns about the spillover effects of unilateral sanctions, as well as the severe harm these have done to vulnerable developing countries.

The meeting also adopted a chairman's statement.