TIANJIN, Sep 1, Alliance News: Chinese President Xi Jinping on Monday launched the Global Governance Initiative (GGI) at the Shanghai Cooperation Organisation (SCO) Plus summit in Tianjin, calling for a more equitable international order that reflects the interests of all nations, particularly the Global South.
Addressing heads of state and delegations, Xi stressed that the initiative rests on five principles: sovereign equality, adherence to international law, true multilateralism, a people-centered approach, and practical cooperation.
He said the GGI aims to advance the vision of “a community with a shared future for humanity.”
“We must continue to take a clear stand against hegemonism and power politics, and practice true multilateralism,” Xi declared, in a statement widely seen as a veiled criticism of the US-led global order.
Xi, alongside Russian President Vladimir Putin, highlighted the need for a new global security and economic framework prioritising the Global South.
As part of the initiative, Xi proposed the creation of a new SCO development bank to support projects and gradually reduce reliance on the US dollar.
China pledged 2 billion yuan ($280 million) in free aid for SCO member states this year, along with 10 billion yuan in loans to the SCO banking consortium.
Xi also announced plans for an artificial intelligence cooperation centre for SCO nations and invited members to take part in China’s lunar research station.
The SCO, comprising China, Russia, India, Pakistan, Iran, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, and Belarus, is often described as a non-Western platform for multilateral cooperation. With 16 observer states and dialogue partners also participating, the summit underscored its expanding geopolitical relevance.
On Monday, the bloc signed a joint declaration committing to deeper collaboration in areas including security, economic development, and technology.
They also approved Laos as a new dialogue partner, according to China’s Xinhua news agency.
On the sidelines, Xi held a series of bilateral meetings with world leaders, including Belarusian President Alexander Lukashenko and Indian Prime Minister Narendra Modi, marking Modi’s first visit to China since 2018.
The Tianjin summit comes just days before a massive military parade in Beijing commemorating 80 years since the end of World War II, where both Xi and Putin are set to project their vision of an alternative international order.
