China, Russia pledge new global order at Shanghai Cooperation summit

"Xi and Putin spoke to more than 20 leaders, primarily from the Middle East and Asia, who had gathered on Sunday and Monday for the summit in the northern Chinese city of Tianjin. Seen as an alternative power structure to most US-led international institutions, the 10-member SCO includes much of Central Asia, Russia, China, India, Iran, Pakistan, and Belarus, with more than a dozen permanent dialogue partner countries, including Saudi Arabia, Cambodia, Qatar, and Turkiye."

"Global governance has reached a new crossroads, Chinese President Xi Jinping told the summit on Monday, in remarks that were widely seen as a critique of the United States. list of 4 itemslist 1 of 4list 2 of 4list 3 of 4list 4 of 4end of list We must continue to take a clear stand against hegemonism and power politics, and practise true multilateralism, Xi said. Xi's remarks were echoed by those of Russian President Vladimir Putin, who said the SCO would revive genuine multilateralism as it laid the political and socioeconomic groundwork for the formation of a new system of stability and security in Eurasia."

"Xi called for the creation of a new SCO development bank, and announced 2 billion RMB ($280m) in grants plus another 10 billion RMB ($1.4bn) in loans for SCO members. The pivot into international finance marks a major turning point for the institution, said Eric Olander, the editor-in-chief of The China-Global South Project."

China and Russia pushed a vision of an alternative international order at the Shanghai Cooperation Organisation summit in Tianjin. Xi Jinping proposed a new SCO development bank and pledged 2 billion RMB in grants plus 10 billion RMB in loans to SCO members. Xi called for opposition to hegemonism and for practising true multilateralism, and Vladimir Putin said the SCO would revive genuine multilateralism and help establish a new system of Eurasian stability and security. More than 20 leaders from Asia and the Middle East attended. The SCO comprises ten members and over a dozen dialogue partners and has been largely symbolic since 2001.

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