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Key Points

Chinese President Xi Jinping addressed the SCO summit in Tianjin, calling for enhanced economic cooperation among member states. He proposed the establishment of an SCO development bank and pledged significant financial support. Prime Minister Modi engaged in productive bilateral meetings with both Putin and Xi Jinping during the summit. The SCO members discussed strategic alignment and implementation of the Belt and Road Initiative.

Key Points: Xi Jinping Proposes SCO Development Bank at Tianjin Summit

  • Xi Jinping proposes SCO development bank for mutual economic growth
  • China pledges 2 billion yuan in grants to SCO member states
  • Modi engages in bilateral talks with Putin and Xi Jinping
  • SCO focuses on Belt and Road Initiative implementation and trade facilitation
3 min read

At SCO summit, China calls for SCO development bank

Chinese President Xi Jinping calls for SCO development bank and pledges 2 billion yuan in grants while Modi meets with Putin and Xi at the Tianjin summit.

"We need to better align our development strategies and promote the high-quality implementation of the Belt and Road Initiative - Xi Jinping"

Tianjing, September 1

Chinese President Xi Jinping on Monday said that the Shanghai Cooperation Organisation should pursue mutual benefit and win-win results, Chinese state media reported.

Xi made the remarks while addressing the 25th Meeting of the Council of Heads of State of the SCO held in Tianjin.

"We need to better align our development strategies and promote the high-quality implementation of the Belt and Road Initiative," Xi said according to Xinhua.

He further called on member nations to "uphold fairness and justice

The Chinese President called on the member states to leverage the strengths of their mega-sized markets and economic complementarity between them and improve trade and investment facilitation.

"SCO member states need to enhance mutual understanding and friendship through people-to-people exchanges, firmly support one another in economic cooperation, and jointly cultivate a garden of civilizations in which all cultures flourish in prosperity and harmony through mutual enlightenment," Xi said.

He further pledged to provide 2 billion yuan (about 281 million US dollars) in grant to member states of the SCO within this year.

Earlier ahead of the Shanghai Cooperation Organisation (SCO) Summit plenary session began on Monday, Prime Minister Narendra Modi posted pictures of his interactions with Russian President Vladimir Putin and Chinese President Xi Jinping.

"Interactions in Tianjin continue! Exchanging perspectives with President Putin and President Xi during the SCO Summit," PM Modi posted on X

Prime Minister Modi's camaraderie with Putin was palpable as the two greeted each other with smiles and hugs. PM Modi has also posted two photographs of him greeting and hugging Putin.

Putin and PM Modi were seen walking hand in hand towards Xi.The three also exchanged a few light remarks ahead of the SCO Summit's plenary session after which they walked towards the stage for a family photo of the SCO members.

The interaction between PM Modi and President Putin came ahead of their bilateral meeting which is scheduled to take place after the plenary session.

"Prime Minister will be addressing the plenary session of the Summit, where he will outline India's approach to fostering regional cooperation under the SCO umbrella. After this engagement, he is scheduled to have a bilateral meeting with President Vladimir Putin of Russia, following which he will depart for India," Foreign Secretary Vikram Misri said on Sunday.

On Sunday, PM Modi held bilateral talks with Chinese President Xi Jinping on the sidelines of the SCO leaders' summit, during which both leaders welcomed the positive momentum and steady progress in bilateral relations since their last meeting in Kazan on the sidelines of the BRICS Summit in October 2024.

- ANI

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Reader Comments

P
Priya S
Good to see our PM engaging with both Putin and Xi. In today's multipolar world, India needs to maintain relationships with all major powers. The handshake diplomacy matters more than people realize!
A
Aman W
China offering 2 billion yuan sounds generous but we've seen how their "aid" comes with strings attached. India should be cautious and focus on building our own economic strength 💪
S
Sarah B
The cultural exchange part is actually promising. If SCO can genuinely promote people-to-people connections beyond politics, that could help reduce tensions in the region. More student exchanges would be great!
V
Vikram M
While economic cooperation is good, we cannot forget the border issues with China. Hope Modi ji raised our concerns about Chinese infrastructure along LAC during his bilateral meeting. National security first!
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Nisha Z
The Russia-India-China triangle is crucial for balancing Western influence. Good to see Modi-Putin-Xi interactions. Hope this leads to more practical cooperation that benefits ordinary Indians with better trade opportunities 🙏

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