China, Russia pledge new global order at Shanghai Cooperation summit
Summary
China and Russia shared their plans for a new global structure at the Shanghai Cooperation Organisation (SCO) summit. China offered financial support to countries in the group as part of their vision. The summit focused on creating an alternative to US-led global systems.Key Facts
- China and Russia discussed a new global order at the SCO summit.
- Chinese President Xi Jinping offered financial incentives to SCO countries.
- The SCO aims to provide an alternative power structure to US-led institutions.
- The SCO includes countries like China, Russia, India, Iran, and Pakistan.
- Xi proposed creating a new SCO development bank with substantial funding.
- Russian President Putin emphasized reviving "genuine multilateralism."
- The summit took place in Tianjin, China, with over 20 leaders present.
- The SCO is seen to be moving beyond symbolic actions to more effective measures.
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