China's Xi unveils Global Governance Initiative at SCO Tianjin Summit

TIANJIN: Chinese President Xi Jinping on Monday unveiled the Global Governance Initiative (GGI) at the Shanghai Cooperation Organisation Plus summit in Tianjin, calling for a more just and equitable global governance system.

"I look forward to working with all countries for a more just and equitable global governance system and advancing toward a community with a shared future for humanity," Xi said while addressing the meeting.

The SCO, comprising China, India, Russia, Pakistan, Iran, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan and Belarus, is touted as a non-Western style of collaboration and seeks to be an alternative to traditional alliances.

Outlining the framework, the Chinese president said the initiative rests on five principles: adhering to sovereign equality, abiding by international rule of law, practising multilateralism, adopting a people-centered approach, and focusing on real actions.

“We must continue to take a clear stand against hegemonism and power politics, and practice true multilateralism,” he said, in a veiled attack on the current US-dominated world order.

Xi, alongside Russian President Vladimir Putin, pressed for a global security and economic order prioritising the “Global South.”

Xi called for the creation of a new SCO development bank, in what would be a major step towards the bloc's long-held aspiration of developing an alternative payment system or common currency that circumvents the US dollar.

Beijing will provide 2 billion yuan ($280 million) of free aid to member states this year and a further 10 billion yuan of loans to an SCO banking consortium, the Chinese leader said.

China will also build an artificial intelligence cooperation centre for SCO nations, which are also invited to participate in China's lunar research station, Xi added.

Earlier, Xi pushed for more inclusive economic globalisation amid the upheaval caused by US President Donald Trump's tariff policies, touting the SCO's "mega-scale market" and vast economic opportunities in fields including energy and science.

The SCO summit, which also involves 16 more countries as observers or "dialogue partners", kicked off on Sunday, days before a massive military parade in the capital Beijing to mark 80 years since the end of World War II.

The member states signed a declaration Monday, agreeing to strengthen cooperation in sectors such as security and economy, China's Xinhua news agency said. They also "unanimously agreed" to admit Laos as a "dialogue partner", Xinhua added.

Xi held a flurry of back-to-back bilateral meetings with leaders including Lukashenko — one of Putin´s staunch allies — and Modi, who is on his first visit to China since 2018. 

— With additional input from Reuters and AFP