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China Pledges Billions for New Bank to Expand Eurasian Bloc’s Clout

Published: Sep. 1, 2025 5:52 p.m. GMT+8

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The 25th meeting of the Council of Heads of State of the Shanghai Cooperation Organisation was held at the Tianjin Meijiang Convention and Exhibition Center on the morning of Sept. 1. Photo: Xinhua

Chinese leader Xi Jinping called for the swift creation of a Shanghai Cooperation Organisation (SCO) development bank and pledged billions of dollars in new grants and loans to member states, in a move to provide more robust financial support for the sprawling Eurasian bloc.

Xi’s proposal was announced during his keynote address at the 25th summit of the SCO Council of Heads of State, which concluded Monday in the northern port city of Tianjin.

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Xi Jinping urged swift creation of an SCO development bank and pledged over $1.6 billion in grants and loans to member states.
China’s trade with SCO members surpassed $2.3 trillion; Chinese investment in the bloc exceeds $84 billion, with annual bilateral trade over $500 billion.
Xi also promised to support 100 development projects, double SCO scholarships, and establish 10 vocational “Luban Workshops” in the next five years.

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Caixin Media: Caixin Media is mentioned as the source for the article's content. Specifically, a reporter named Lu Zhenhua, whose email zhenhualu@caixin.com is provided, is listed as the contact for the article. This indicates Caixin Media is the publisher of this report.

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