Jakarta, April 22 (IANS): Chinese President Xi Jinping on Wednesday urged the developed countries to fulfil their aid commitments and increase assistance to developing nations with no political strings attached.

The South-North cooperation should be based on mutual respect and equality, Xi said at an Asian-African leaders' meeting held here, stressing that developed countries have a binding obligation to help the developing world and narrow down the South-North gap, Xinhua reported.

Xi said China will unswervingly promote Asia-Africa cooperation under the new circumstances.

He announced that China will grant the least developed countries with which it has diplomatic ties the privilege of free duty on 97 percent of imported products within the year, and will continue to offer assistance to developing countries with no political strings attached.

China was willing to join hands with all parties concerned to implement the "One Belt, One Road" initiative and set up the Asian Infrastructure Investment Bank, he added.

The Asian-African leaders' meeting opened here on Wednesday with the aim of carrying on the Bandung Spirit and promoting common development of the two vibrant continents.

Xi arrived in Indonesia late on Tuesday for the summit and commemorative activities for the historic 1955 Bandung Conference.