China Proposes SCO Bank and Energy Platform at Summit
At the Shanghai Cooperation Organisation (SCO) Summit in Tianjin, Chinese President Xi Jinping outlined ambitious proposals to strengthen the bloc. He called for the creation of a dedicated SCO Development Bank and announced a Global Energy Cooperation Platform to boost economic collaboration. China also pledged US$1.4 billion in loans over the next three years to support development projects in member countries.
Advancing Multipolar Governance
Xi urged member states to reject “Cold War mentality” and “bullying practices,” promoting instead a multipolar and equitable world order. He also invited countries to adopt China’s BeiDou satellite navigation system as an alternative to Western-controlled GPS systems, presenting it as a step toward greater technological independence.
Putin’s Support for Reforms
Russian President Vladimir Putin backed Xi’s proposals, saying the SCO has the potential to strengthen “a more just and equal system of global governance.” He noted that the organization should evolve as a counterbalance to Western-led institutions and remain a reliable platform for dialogue and cooperation across Eurasia.
