Over 40 heads of state, including Chinese Premier Li Qiang came together at the second and final day of the New Global Financing Summit in Paris, to find financial solutions to help the developing world tackle global warming.

During the summit, Li Qiang urged China and Europe to "rise above differences" and find "creative solutions," in order to overcome global problems such as climate change and poverty alleviation.

The aim was to decarbonize the global economy and help developing countries reduce their huge debt burden.

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"China and Europe should rise above differences, seek and expand common ground, while respecting differences, and push for more creative solutions to tackle the uncertainty in the global situation with the stability of Chinese-European relations and jointly contribute to the sustainable development of the human race," said the Chinese Premier.

Li also pledged to help developing countries through both direct investment and support for global financial institutions tackling the issue. He asked developed economies to avoid harmful policies like trade protectionism and urged them to promote free trade.

"As the world's two largest economies, we have a responsibility to work together on global issues. It is something we can do and something the world expects of us," said Janet Yellen, U.S. Secretary of the Treasury, as she shared the stage with the Chinese Premier.

It appears that genuine progress has been made at the summit.

An extra $200 billion has been pledged over the next decade through development banks for emerging economies. Another $100 billion was also promised to protect biodiversity, such as rainforests, with cooperation from the world's major powers.

"China is ready to be engaged in debt relief efforts in an effective, realistic and comprehensive manner in keeping with the principle of fair burden sharing," Li said.

During the summit, Zambia struck a deal to restructure $6.3 billion in debt owed to other governments, including China, its largest official creditor. Friday is the last day of Premier Li Qiang's visit to Europe. 

During the week, he held bilateral talks with both Germany and France, which he says marked a new 'starting point' for China's relationship with the EU.

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