image sourced from original article at Chinese President Xi Jinping has announced plans to accelerate the creation of a development bank for the Shanghai Cooperation Organization, aiming to expand the group's influence beyond its traditional security focus. At the summit in Tianjin, Xi pledged $1.4 billion in loans to member states over the next three years and called for a more inclusive and multipolar world order, opposing bloc-based confrontation and advocating for reforms in global governance.
The summit brought together leaders from Russia, India, and other member nations, with discussions centering on development, security, and opposition to discriminatory sanctions. Xi and Indian Prime Minister Narendra Modi also met to address longstanding border disputes, while Russian President Vladimir Putin updated Xi on recent talks regarding the Ukraine conflict.
Despite China's push for a larger global role for the organization, experts note that its effectiveness remains uncertain, as its primary focus has historically been security. The summit comes amid broader diplomatic efforts by China, including a major military parade and increased engagement with regional allies.
