Chinese President Xi Jinping said China would accelerate the building of a SCO development bank at the annual summit of the Shanghai Cooperation Organization in Tianjin on Monday, 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. Xi pledged $1.4 billion in loans in the next three years for members of the SCO, not specifically designated for this new bank.
