Xi Jinping Proposes SCO Development Bank to Boost Growth
Xi Jinping Pushes for SCO Development Bank to Strengthen Economic and Security Cooperation
China – (Special Correspondent / Web Desk) – Chinese President Xi Jinping announced plans to speed up the creation of a Shanghai Cooperation Organization (SCO) Development Bank during the annual summit in Tianjin. This move aims to boost the group’s global influence and strengthen economic cooperation.
“With growing global uncertainty and complex challenges, SCO nations face serious security and development issues,” Xi said during his opening remarks on Monday.
He also pledged $1.4 billion in loans over three years for SCO member countries, although the funds were not specifically tied to the proposed bank.
The summit gathered Xi Jinping, Russian President Vladimir Putin, and leaders from many nations, focusing on regional stability and economic growth.
Originally created as a counterbalance to U.S. influence in Central Asia, the SCO has expanded in membership and importance, but it has mostly been a security-focused organization.
By introducing the development bank and new loan programs, Xi aims to broaden the SCO’s role beyond security matters and into economic development.
Pakistan Shows Support for Afghanistan After Deadly Earthquake
“Xi wants to provide an alternative global system as the U.S.-led order faces decline. This is the key message,” said Alfred Wu, a professor at Singapore’s Lee Kuan Yew School of Public Policy.
Xi called on nations to reject Cold War thinking, avoid bloc confrontations, and stop bullying tactics, while supporting a UN-centered international system.
He stressed the need for an equal, multipolar world, inclusive economic globalization, and a fair global governance system.
The SCO, founded in 2001, now includes China, Russia, India, Pakistan, Iran, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, and Belarus as full members. Afghanistan and Mongolia are observers, while 14 other nations act as dialogue partners.
At the summit, Xi criticized global bullying and urged regional leaders to promote cooperation and stability. He repeated his call for justice, fairness, and unity in a rapidly changing world.
“The international situation is becoming more chaotic and challenging,” Xi told the leaders. “We have achieved progress by following the Shanghai Spirit and must keep moving forward for peace and development.”
Comments are closed, but trackbacks and pingbacks are open.