China Proposes Establishment Of SCO Development Bank At Tianjin Summit

Abdullah Hussain (@Abdulla99267510) Published September 01, 2025 | 11:56 AM

Proposal has been made during SCO summit in Tianjin, attended by Prime Minister Shehbaz Sharif, Russian President Vladimir Putin, Malaysian Prime Minister Anwar Ibrahim, Turkish President Recep Tayyip Erdogan, UN Secretary-General António Guterres and leaders of other countries

TIANJIN: (UrduPoint/UrduPoint / Pakistan Point News-Sept 1, 2025) Chinese President Xi Jinping has proposed the establishment of a Shanghai Cooperation Organization (SCO) Development Bank to enhance economic cooperation among member states.

The proposal was made during the SCO summit in Tianjin, attended by Prime Minister Shehbaz Sharif, Russian President Vladimir Putin, Malaysian Prime Minister Anwar Ibrahim, Turkish President Recep Tayyip Erdogan, UN Secretary-General António Guterres, and leaders of other countries.

In his address, President Xi said the SCO had grown into a “towering tree” rooted in mutual trust and principles, with vast potential for cooperation in various sectors.

He emphasized that member states must take advantage of opportunities in trade and economic fields to secure a shared prosperous future.

Xi stressed that stronger trade and communication links were vital for long-term development and reiterated China’s commitment to supporting the social and economic progress of SCO member countries.

He added that concrete steps were necessary to ensure the well-being of people across the region.

The two-day summit brings together heads of state and government from 20 countries.

Prime Minister Shehbaz Sharif is expected to present Pakistan’s perspective, highlight global challenges, and propose measures to strengthen the SCO’s role in promoting regional cooperation and stability.