President Xi pushes for expanded SCO role via development bank – SUCH TV

Chinese President Xi Jinping announced plans to accelerate the creation of a Shanghai Cooperation Organization (SCO) development bank during the annual summit in Tianjin, aiming to broaden the group’s influence and scope.

“Amid increasing global complexity and turbulence, member states face growing security and development challenges,” Xi said in his opening remarks on Monday.

He pledged $1.4 billion in loans over the next three years for SCO member countries, though the funds were not specifically allocated to the new bank.

The summit brought together Xi, Russian President Vladimir Putin, and leaders from several dozen nations.

Originally viewed as a counterbalance to U.S. influence in Central Asia, the SCO has expanded in size and influence over the years, but remains primarily a security-focused forum.

With the development bank and a loan program, Xi is seeking to expand the organisation’s role beyond security matters.

“He wants to provide an alternative world order, as the U.S.-led system is in decline.

This is the main narrative,” said Alfred Wu, a professor at the National University of Singapore’s Lee Kuan Yew School of Public Policy.

Xi also urged countries to “oppose Cold War mentalities, bloc confrontations, and bullying, and safeguard an international system with the United Nations at its core.”

He called for an “equal and orderly multipolar world, inclusive economic globalization, and a fairer and more just global governance system.”

Founded in 2001, the SCO now includes Russia, Belarus, China, India, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, and Uzbekistan as full members.

Afghanistan and Mongolia are observers, while 14 other countries, mainly from Southeast Asia and the Middle East, participate as “dialogue partners.”

At the summit, Xi also criticized global “bullying behavior” as he met with regional leaders to discuss cooperation and stability.

He called on the leaders including Russia’s Vladimir Putin and India’s Narendra Modi to “adhere to fairness and justice… oppose Cold War mentality, camp confrontation, and bullying behaviour”, in a speech in the northern city of Tianjin.

The Shanghai Cooperation Organisation, which is gathering for a two-day summit, comprises China, India, Russia, Pakistan, Iran, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan and Belarus with 16 more countries affiliated as observers or “dialogue partners”.

China and Russia have sometimes touted the SCO as an alternative to the NATO military alliance.

“The current international situation is becoming chaotic and intertwined,” Xi told the leaders.

“The security and development tasks facing member states have become even more challenging,” he added.

“Looking back, despite tumultuous times, we have achieved success by practicing the Shanghai spirit,” he said, referring to the name of the group.

“Looking to the future, with the world undergoing turbulence and transformation, we must continue to follow the Shanghai spirit, keep our feet on the ground, forge ahead, and better perform the functions of the organisation.”