Xi Jinping Proposes Development Bank and Energy Cooperation at SCO Summit

At the Shanghai Cooperation Organization (SCO) summit in Tianjin, China, President Xi Jinping unveiled plans to accelerate the creation of a development bank and establish an international platform for energy cooperation. These initiatives aim to bolster regional collaboration and present an alternative to existing global leadership structures.

The summit gathered leaders from SCO member states, including Russian President Vladimir Putin and Indian Prime Minister Narendra Modi. Xi emphasized the need to reject Cold War mentalities and promote a multipolar world order. He stated, "The shadows of Cold War mentality, bullying, are not dissipating, and there are new challenges that are increasing, not diminishing."

Xi announced that China would provide $1.4 billion in loans over the next three years to SCO member countries. Additionally, he opened access for SCO members to China's BeiDou satellite system, offering an alternative to the U.S.-controlled GPS.

Russian President Vladimir Putin expressed support for Xi's proposals, suggesting that the SCO could play a leading role in forming a more equitable global governance system.

The SCO, founded in 2001, includes China, Russia, India, and several Central Asian nations. At the summit, Laos joined as a partner, expanding the organization's reach to 27 countries.

The summit precedes a military parade in Beijing marking the 80th anniversary of Japan's World War II surrender, underscoring China's efforts to position itself as a central player in global affairs.