Xi Jinping Seeks Development Bank For SCO To Counter US-Led System

Chinese President Xi Jinping said China would accelerate the creation of an SCO development bank on Monday at the summit of the Shanghai Cooperation Organization in Tianjin, as he seeks to expand the organization’s influence and scope. “Currently, as the global situation becomes more complex and turbulent, member states are facing more arduous safety and development responsibilities,” Xi said in opening remarks to the forum. He pledged $1.4 billion in loans in the next three years for SCO members. They are not specifically designated for the new development bank, for which no timeline has been released. Russian President Vladimir Putin…