SCO Summit: China's Wang Yi on New Development Bank & Regional Cooperation

Key Summit Highlights & Principles

• 🎪 The largest SCO summit to date was presided over by President Xi Jinping, involving 23 foreign representatives and 10 international organizations.
• 💡 President Xi Jinping delivered a keynote speech proposing five core principles: maintaining unity, respecting differences, mutual benefit, win-win cooperation, openness, inclusiveness, upholding fairness, justice, and pragmatic efficiency.
• 🌍 He also introduced global governance initiatives advocating for sovereign equality, adherence to international rule of law, multilateralism, and a people-centered approach to build a community with a shared future for mankind.

Major Strategic Outcomes

• 🎯 A comprehensive development strategy for the next 10 years was formulated, guiding member countries to follow the Shanghai spirit and contribute to a multipolar world.
• 📜 A special statement was issued, calling on the international community to learn from history, uphold the correct view of World War II, and maintain the international system with the United Nations at its core.
• ✅ The summit expressed strong support for the multilateral trading system centered around the World Trade Organization (WTO), opposing unilateral bullying and advocating for an open world economy.

New Cooperation Mechanisms

• 🚀 A significant political decision was made to establish the SCO Development Bank, an initiative proposed by China over a decade ago, aimed at boosting infrastructure construction and economic development across the Eurasian region.
• 🛠️ Four new security centers were unveiled and established to enhance member states' ability to address threats, including information security, transnational organized crime, and drug control.
• 🌱 Six practical cooperation platforms and six high-quality development action plans were formulated, focusing on areas such as scientific and technological innovation, higher education, sustainable energy, digital economy, and artificial intelligence.

Expanding SCO Family & Influence

• 🤝 The summit decided to merge observer states and dialogue partners into a unified SCO partnership, streamlining the organization's operations and structure.
• 🌍 Laos was officially accepted as a new partner, expanding the Shanghai Cooperation Organization family to a total of 27 members.
• ✨ During the summit, Pakistan and Armenia formally established diplomatic relations, choosing to do so under the witness of the SCO family, reflecting the spirit of cooperation.