Chinese President Xi Jinping hosted the High-level Dialogue on Global Development in a virtual format on Friday and delivered a keynote speech at the event.

"We are meeting at a time when the COVID-19 pandemic is eroding decades of gains in global development, the implementation of the UN's 2030 Agenda for Sustainable Development is encountering difficulties, the North-South gap keeps widening, and crises are emerging in food and energy security. Some countries have politicized and marginalized the development issue, built 'a small yard with high fences,' imposed maximum sanctions, and stoked division and confrontation," Xi said.

However, the Chinese leader also gave enough reasons to stay hopeful despite all the challenges. "At the same time, people in all countries are more keen about pursuing peace, development and cooperation, emerging markets and developing countries are more resolved to seek strength through unity, and the new round of scientific and technological revolution and industrial transformation is bringing more opportunities to countries around the world," he said.

Xi described this age as "rife with challenges," but also "full of hope." "We must get a good grasp of the overarching development trend in the world, firm up confidence, and act in unison and with great motivation to promote global development and foster a development paradigm featuring benefits for all, balance, coordination, inclusiveness, win-win cooperation and common prosperity," the Chinese president added.