China will provide $3 billion in aid within the next three years to help developing countries fight against the COVID-19 pandemic, Chinese President Xi Jinping said at the Global Health Summit via video link from Beijing on Friday.

President Xi said China has so far supplied 300 million doses of COVID-19 vaccines worldwide and will provide more, adding that China supports domestic vaccine companies' cooperation with other developing countries on technology transfer and vaccine production.

President Xi said that China has already announced its support for waiving IP rights for COVID-19 vaccines, and hopes international organizations including the World Trade Organization will make a decision on the issue as soon as possible.

He also advocated setting up an international forum for vaccine-related cooperation, inviting countries which have developed COVID-19 vaccines, vaccine companies and other stakeholders to discuss how to push equitable vaccine distribution forward.