Global Development Initiative injects strong impetus into global poverty reduction cause: Official

BEIJING -- The Global Development Initiative (GDI) proposed by China has injected strong impetus into the cause of global poverty reduction, said a Chinese official on Tuesday.

China has allocated more resources to boost global development and poverty reduction, said Zhao Fengtao, deputy head of China International Development Cooperation Agency, at a press conference on the newly released white paper titled "A Global Community of Shared Future: China's Proposals and Actions."

China has announced the upgrading of the South-South Cooperation Assistance Fund to a Global Development and South-South Cooperation Fund and the increase of its total funding to 4 billion US dollars, Zhao noted.

Under the framework of the initiative, Chinese financial institutions have set up a special fund of $10 billion for implementing the GDI, and over 200 cooperation projects have been included in the GDI project pool, according to Zhao.