China and the foundation run by philanthropist Bill Gates on Wednesday struck a deal to work together on new health and agricultural innovations for poor countries around the world.

"Human and animal vaccines, diagnostics for TB (tuberculosis) and other diseases, hardier varieties of rice and other crops, and more productive livestock are among the innovations likely to be considered first," said a statement by the Bill and Melinda Gates Foundation.

The memo of understanding, signed by Gates and Zhang Laiwu, Vice Minister of the Chinese Government's Ministry of Science and Technology, did not include a dollar value.

"Innovation to advance human welfare is a goal that China shares with the Bill & Melinda Gates Foundation," said Laiwu. "Together we can do more to improve agriculture and health in some of the poorest nations."

The deal aims to promote development of new global health products, fuel research on better farming techniques and develop information technology for rural areas.

"This partnership demonstrates the critical role that rapidly growing countries like China can play in driving innovation to reduce hunger and poverty," said Gates.

"China's support to bring its power and capacity to bear on global health and agriculture research and production comes at a critical time in our world economic situation."

The Microsoft tycoon will deliver a report next week at the G20 Summit in Cannes, France about how "partnerships in health and agriculture can help increase global stability," and detailing China's contribution, the statement added.