Tianjin, September 1, 2025:
Chinese President Xi Jinping has proposed the creation of a Shanghai Cooperation Organization (SCO) Development Bank, calling it an urgent step to strengthen economic cooperation among member states.
The proposal came during the 25th Summit of SCO Heads of State, currently underway in Tianjin, where Prime Minister Shehbaz Sharif is also in attendance.
In his address, President Xi highlighted that the SCO has grown into a strong, deeply rooted organization founded on principles of mutual trust and shared benefit. He stressed that the grouping now has vast potential to expand cooperation across trade, technology, and economic development.
“We must seize the opportunities available in commerce and industry,” Xi said, underscoring the need for greater capacity building and closer scientific and technological collaboration among SCO nations.
The Chinese leader emphasized that establishing an SCO Development Bank would provide much-needed financial infrastructure to back the organization’s long-term goals. “There is an urgent need for swift decision-making and the creation of strong institutions,” he added.
Xi further urged member states to enhance trade and connectivity, noting that China remains committed to contributing to the region’s social and economic progress. He called for practical measures to uplift communities and ensure prosperity for the people of all member countries.
The Chinese president also advocated for reviving traditional cross-border trade systems, while reinforcing global multilateral frameworks. Referring to the principles of the United Nations Charter, he said the world must strengthen trade and governance systems rooted in fairness and equality.
“There should be a multilateral order where every nation has an equal opportunity to benefit,” Xi remarked, stressing the importance of building a just and balanced global governance model.
.
