SCO Summit: Xi pledges $281M in grants to member states
What's the story
Chinese President Xi Jinping has announced a grant of 2 billion yuan (approximately $281 million) to the member states of the Shanghai Cooperation Organization (SCO) this year. The announcement was made at the 25th Meeting of the Council of Heads of State in Tianjin. In addition, Xi said China would also provide another 10 billion yuan in loans to SCO Interbank Consortium member banks over three years, Xinhua reported.
Global impact
China's investment and trade with SCO countries
Xi highlighted that China's investment stock in other SCO member states has surpassed $84 billion, with annual bilateral trade exceeding $500 billion. In his opening remarks at the SCO Members Session, he also praised the SCO for its commitment to solidarity, mutual trust, and practical cooperation in international and regional affairs. "The SCO has grown into a significant force in promoting a new type of international relations and building a community with a shared future for humanity."
Remarks
'We were the first to launch Belt and Road cooperation'
Xi went on to highlight China's deepening role in the grouping, stating that it steadily promoted law enforcement and security cooperation, properly managed and settled differences, unequivocally opposed external interference, and maintained peace and stability in the region. "We (China) were the first to launch Belt and Road cooperation... We always stand on the side of international fairness and justice, champion inclusiveness and mutual learning between civilizations, and oppose hegemonism and power politics," he added.
Diplomatic influence
SCO's growth and significance
Founded in June 2001, the SCO has grown from six founding members to a 26-nation group with 10 members, two observers, and 14 dialogue partners across Asia, Europe, and Africa. The organization accounts for nearly half of the world's population and a quarter of the global economy. The summit is attended by over 20 heads of state and government, including Russian President Vladimir Putin and Indian Prime Minister Narendra Modi.
Future plans
Modi, Putin bilateral meeting
The heads of state of 10 Eurasian countries, including Putin and Modi, will resume talks on Monday, discussing everything from strengthening bilateral ties to addressing continuing global concerns such as the Gaza and Ukraine wars. PM Modi is scheduled to address the SCO plenary session later in the day, where he will outline India's priorities on regional security, economic cooperation, and connectivity. He will also have a bilateral meeting with President Putin.