Chinese President Xi Jinping used a summit of the Shanghai Cooperation Organisation (SCO) in Tianjin to promote what he called a new global security and economic order prioritising the „Global South,“ in remarks delivered alongside Russia’s Vladimir Putin and India’s Narendra Modi. According to Reuters, Xi framed the moment as a crossroads for global governance and urged resistance to hegemonism and power politics.
Leaders spotlight multilateralism and economic ties
Xi hosted more than 20 leaders from non-Western countries at the SCO gathering, highlighting what he described as the bloc’s „mega-scale market“ and opportunities for more inclusive economic globalisation. Visuals from the summit showed Xi, Putin and Modi greeting each other warmly before proceedings began.
Putin said the SCO had revived „genuine multilateralism“ and noted increasing use of national currencies in mutual settlements. He said this laid the groundwork for a „new system of stability and security in Eurasia“ that would consider a broad range of countries’ interests and avoid one nation ensuring its security at others’ expense.
Modi later shared a ride with Putin in the Russian leader’s Aurus limousine ahead of their bilateral meeting, calling conversations with Putin „insightful“ in a post on X. Reuters reported that Putin addressed Modi as „Dear Mr Prime Minister, dear friend“ during their talks.
China outlines aid, financing, and AI cooperation
Bank proposal and funding commitments
Xi called for the creation of a new SCO development bank, aligning with long-standing aspirations within the bloc to develop alternative financial mechanisms. Beijing pledged 2 billion yuan in free aid to member states this year, alongside 10 billion yuan in loans to an SCO banking consortium.
China will also establish an artificial intelligence cooperation centre for SCO nations, and invited members to participate in its lunar research station. Reuters noted that the „Global Governance Initiative“ outlined by Xi did not include concrete measures beyond these pledges.
The summit also served as a venue to ease tensions between China and India. Reuters reported that Xi and Modi agreed their countries are development partners, not rivals, and discussed improving trade during Modi’s first visit to China in seven years.
Separately, Reuters said Xi will preside over a military parade in Beijing to mark the 80th anniversary of Japan’s World War Two surrender, with Putin and North Korea’s Kim Jong Un expected to attend. The showcase is set to feature China’s latest military technology.
