China: Climate fund 'market-based'

China will draw up management measures for its new South-South Cooperation Fund soon, the head of the Chinese delegation to the United Nations Climate Change Conference in Lima, Peru, said on Tuesday.

The fund will operate with a "market-based approach" to help developing countries build the capacity to cope with climate change, said Xie Zhenhua, vice-chairman of the National Development and Reform Commission.

Meanwhile, progress has been made in Lima as more countries joined a growing list of donors to boost climate action in developing countries.