China and Russia Discuss Creating a New Global Order - Leaders Criticize Western System, Propose More Balanced Approaches
Chinese President Xi Jinping urged leaders at a regional summit to tap their "giant market." Russian President Vladimir Putin also expressed support for Xi's ambition to create a new global security and economic order to challenge the United States.
In a speech at the two-day summit held in the northern Chinese port city of Tianjin, Xi said the Shanghai Cooperation Organization (SCO) has set a model for a new type of international relations. “We should support a multipolar world that is equitable and orderly, an inclusive economic globalization, and promote the building of a fairer and more balanced global governance system,” he said.
The Chinese president also stressed the need to take advantage of the enormous market size of member countries. Xi called on the bloc to strengthen cooperation in areas such as energy, infrastructure, science and technology, and artificial intelligence.
President Putin stressed that the organization has restored “real cooperation,” with the increasing use of national currencies in agreements between member countries.
“This creates the political and socio-economic foundations for building a new system of stability and security in Eurasia,” he said.
According to him, this security system, unlike the Eurocentric and Euro-Atlantic models, will take into account the interests of a wider range of countries, will be balanced and will not allow one state to secure its own interests at the expense of others.
The opening ceremony was also attended by Indian Prime Minister Narendra Modi and other leaders from Central Asia, the Middle East, South Asia and Southeast Asia, in a show of solidarity from the countries of the “Global South.” The bloc, which originally consisted of six Eurasian countries, has expanded to 10 permanent members and 16 more countries with observer or dialogue status in recent years.
Xi Jinping called on the organization's partners to reject the "Cold War mentality and bloc-busting" and support a multilateral trading system. This was seen as a direct criticism of US President Donald Trump's policies and his trade war, which has particularly affected developing economies, including India, whose exports were hit last week with a 50% tariff. Finally, Xi promised that China would provide about $280 million in free aid to member countries this year, as well as an additional $1.38 billion in loans to the organization's banking consortium.
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