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

Xi said the funds will be used for fellow developing countries to tackle challenges such as famine, refugees, climate change and public health, the Chinese news agency Xinhua reported.

"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.