NaijNaira
Chinese President Xi Jinping called for a stronger Shanghai Cooperation Organization (SCO) as he announced new economic and energy initiatives at the Tianjin summit — www.naijnaira.com reports.
The SCO, founded in 2001, has grown into a bloc that includes China, Russia, India, Iran, Pakistan, and Central Asian states, with several Middle Eastern nations as dialogue partners, according to the Associated Press.
Xi pledged $1.4 billion in loans to SCO members over the next three years while also unveiling plans for an SCO development bank and a new energy cooperation platform.
He further opened access to China’s BeiDou satellite system, calling it an alternative to U.S.-controlled GPS technology.
In his speech, Xi declared, “The world has entered a new period of tumultuous change, and global governance has arrived at a new crossroads.”
He urged member states to resist “Cold War mentality, rival blocs, and bullying,” pushing instead for a multipolar order.
Russian President Vladimir Putin backed Xi’s call, stating that finance must stop being used as “an instrument of neocolonialism” and endorsed reform of the IMF and World Bank.
Indian Prime Minister Narendra Modi also attended, with both leaders agreeing to ease tensions over their border dispute.
While the SCO continues to frame itself as a security forum, China is pressing for the group to evolve into a counterweight to U.S. influence on the global stage.
