President Xi Jinping proposed on Saturday a global vaccine cooperation action initiative, highlighting the need to provide more vaccines to developing countries and strengthening international research and development cooperation.

"With the coronavirus ravaging the whole world, none of us can stay safe on our own. Solidarity and cooperation are the most powerful weapon," Xi said in a speech delivered via video link at the first session of the G20 Leaders' Summit.

The G20 includes the world's major economies and should therefore play a leading role in building consensus, mobilizing resources, and promoting cooperation, he said.

He called for stronger vaccine research and cooperation and supporting vaccine companies in conducting joint R&D and production with developing countries.

"We need to uphold equity and justice, and provide more vaccines to developing countries to meet the global vaccination target for 2022 as set by the World Health Organization," he said.

Xi also urged the WHO to make an early decision on waiving intellectual property rights on COVID-19 vaccines, and encourage vaccine companies to transfer technology to developing countries.

It is also important to scale up cross-border trade cooperation to ensure smooth trade in vaccines and related raw and auxiliary materials and treat different vaccines equally and advance mutual recognition of vaccines.

China has provided over 1.6 billion doses of vaccines to more than 100 countries and international organizations, and will provide over two billion doses to the world in the course of this year. The nation is also conducting joint vaccine production with 16 countries, with an initial capacity of 700 million doses per year.

"China is ready to work with all parties to enhance vaccine accessibility and affordability in developing countries and make positive contribution to building a global line of defense through vaccination," Xi said.