Chinese President Xi Jinping has said China would accelerate the building of an SCO development bank at the annual summit of the Shanghai Cooperation Organization in Tianjin, as he seeks to expand the organisation's influence and scope.
“Currently, as the global situation becomes more complex and turbulent, member states are facing more arduous safety and development responsibilities,” Xi said in opening remarks to the forum on Monday.
Xi pledged $1.4 billion in loans in the next three years for members of the SCO, not specifically designated for this new bank.
Xi, Russian President Vladimir Putin, and leaders of a few dozen nations are meeting as part of the SCO.
The group, originally seen as a foil to US influence in Central Asia, has grown in size and influence over the years, but remains largely a security forum.
With the addition of the bank and an emphasis on providing loans, Xi is attempting to expand the scope of the organisation.
China on message “He wants to provide an alternate world order, because the US-led world order is very much 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 said states should “oppose the Cold War mentality, bloc-based confrontation and bullying, and safeguard the international system with the United Nations at its core” while “advocating for an equal and orderly multipolar world, an inclusive economic globalisation, and promote the building of a more just and reasonable global governance system.”
Founded in 2001, the SCO's membership now includes Russia, Belarus, China, India, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan and Uzbekistan. Afghanistan and Mongolia are observer states, and 14 other countries, mostly from Southeast Asia and the Middle East, serve as “dialogue partners.”
President Xi Jinping criticised "bullying behaviour" in the world order as he gathered regional leaders for a summit. 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."