Xi Jinping Pushes for Development Bank at SCO Summit

Chinese President Xi Jinping calls on the Shanghai Cooperation Organisation (SCO) to establish a development bank, enhancing cooperation among member states. With global influence, the SCO aims to bolster trade, security, and innovation. Xi announced new initiatives, including funding and training opportunities to strengthen ties.

In a powerful call to action, Chinese President Xi Jinping urged members of the Shanghai Cooperation Organisation (SCO) to accelerate efforts towards forming a development bank. Addressing the assembled leaders at the SCO summit, Xi emphasized the growing international appeal of the 10-nation bloc, now considered the world's largest regional organization.

Xi's proposal drew parallels to the successful New Development Bank of BRICS, highlighting the potential for enhanced cooperation and economic synergy among member states. With an economic output of USD 30 trillion, the SCO exemplifies a formidable alliance of 26 countries, including key players like India, Russia, and China.

The summit underscored strategic priorities, including trade facilitation, security, and technological advancement. Xi introduced the Global Governance Initiative and announced substantial investments in member states, reiterating China's commitment to fostering innovation and cooperation within the SCO framework.

(With inputs from agencies.)