China's Xi urges SCO member states to enhance economic cooperation amid US tariffs

Chinese President Xi Jinping urged Shanghai Cooperation Organization (SCO) member states on Monday to leverage the strength of their "mega-size markets," stressing economic cooperation amid US tariffs.

Xi made the remarks in his opening address at the 25th summit of SCO leaders in the northern Chinese port city of Tianjin.

Russian President Vladimir Putin and Indian Prime Minister Narendra Modi are among the leaders of the 10-member bloc attending.

"The SCO member states are all friends and partners," he said, calling on the member states to respect their differences, maintain strategic communication, build a consensus and strengthen solidarity and collaboration.
His statement comes amid US tariffs which have roiled international markets while Washington is seeking bilateral yet favorable deals with UN member nations.

Calling on the member states to uphold "fairness" and "justice," he said: "We must promote a correct historical perspective on World War II and oppose the Cold War mentality, bloc confrontation and bullying practices."

Urging "mutual benefit and win-win results," Xi called for safeguarding the UN-centered international system and supporting the multilateral trading system with the World Trade Organization (WTO) at its core.

He emphasized that member states of the SCO should seek "common ground" while putting aside differences.

Xi said the SCO boasts the participation of 26 countries, with cooperation covering more than 50 areas and a combined economic output of nearly $30 trillion.

"Its international influence and appeal are increasing day by day," he noted.

"We need to better align our development strategies and promote the high-quality implementation of the Belt and Road Initiative," Xi said.

He also pledged 2 billion yuan ($280.4 million) in grants to member states of the SCO within this year.

He said China will also issue an additional 10 billion yuan ($1.4 billion) in loans to the member banks of the SCO Interbank Consortium over the next three years.