During a summit in Tianjin, China, President Xi Jinping urged members of the Shanghai Cooperation Organization (SCO) to leverage their “huge market.” He also outlined his vision for a new global security and economic system that aims to challenge U.S. dominance.
In his opening remarks to over 20 world leaders during the two-day summit, Xi stated that the SCO has established a model for a new kind of international relations.
He reiterated the need to advocate for a multipolar world, global economic integration, and to enhance the development of a fairer and more just global governance system.
Xi announced that China would provide 2 billion yuan (approximately $280 million) in aid to member countries this year, along with an additional 10 billion yuan in loans to a consortium of banks affiliated with the SCO.
“We must seize the potential of our vast market… to improve trade and investment facilitation,” he said, encouraging the group to deepen collaboration in areas such as energy, infrastructure, science and technology, and artificial intelligence.
The opening ceremony saw the participation of Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, and other leaders from Central Asia, the Middle East, South Asia, and Southeast Asia, showcasing solidarity among developing nations.
Xi also called on SCO partners to “oppose a Cold War mentality and confrontation between blocs,” while advocating for support of multilateral trade systems. This reference pointed to the trade wars initiated by U.S. President Donald Trump, which have disproportionately impacted developing economies like India.
United Nations Secretary-General Antonio Guterres mentioned on Sunday that China plays a “crucial” role in supporting global multilateralism.
Analysts believe that China aims to utilize this year’s largest summit to present an alternative vision for global governance, contrasting with the U.S.-led international order amidst policy inconsistencies, Washington’s withdrawal from multilateral organizations, and geopolitical fluctuations.