Chinese President Xi Jinping called on Shanghai Cooperation Organisation (SCO) member states to fast-track the establishment of a development bank, aiming to amplify the bloc’s growing global clout. Speaking at the 25th SCO Summit in Tianjin, attended by leaders like India’s Prime Minister Narendra Modi and Russia’s President Vladimir Putin, Xi emphasized the need for a financial institution modeled on the BRICS New Development Bank (NDB) and the Asian Infrastructure Investment Bank (AIIB).
The SCO, founded in 2001, now spans 10 member states—China, Russia, India, Pakistan, Iran, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan—alongside observer states and dialogue partners, totaling 26 countries. With a combined economic output nearing USD 30 trillion, Xi hailed the SCO as the world’s largest regional organization, covering over 50 areas of cooperation.
Addressing the SCO Plus summit, Xi highlighted the bloc’s rising international influence and urged members to capitalize on their massive markets and economic synergies. He proposed enhanced collaboration in energy, infrastructure, green industries, digital economy, sci-tech innovation, and artificial intelligence (AI).
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Xi also unveiled new Chinese initiatives, including 100 “small and beautiful” livelihood projects, RMB 2 billion (USD 280 million) in funding, and RMB 10 billion (USD 1.3 billion) in loans for SCO member banks over the next three years. Starting next year, China will double SCO-specific scholarships, launch an innovative PhD program, and establish 10 Luban Workshops to train 10,000 professionals over five years.
On security, Xi pushed for activating the SCO Universal Centre for Countering Security Threats and an Anti-drug Centre. He also announced plans for an AI application cooperation center to share technological advancements with member states.
Xi stressed unity, urging members to respect differences, strengthen strategic communication, and build consensus. His Global Governance Initiative (GGI), alongside existing Global Development, Security, and Cultural Initiatives, underscores China’s vision for shaping global cooperation through the SCO.
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