SCO summit: Xi Jinping calls for setting up ‘SCO development bank’ for economic cooperation

The summit meeting of the Heads of State of the 10-member Shanghai Cooperation Organisation (SCO) began in Tianjin on Monday (September 1, 2025).

Prime Minister Narendra Modi along with other leaders of the organisation began a day-long deliberation to chalk out the future course of the bloc. Chinese President Xi Jinping welcomed the leaders. The 25th summit was formally kicked off on Sunday (August 31, 2025) night with a massive banquet hosted by Mr. Xi . It was attended, among others, by Prime Minister Modi and Russian President Vladimir Putin.

Journalists take images of a screen broadcasting Prime Minister Narendra Modi attending the plenary session of the 2025 Shanghai Cooperation Organisation (SCO) summit in Tianjin, on September 1, 2025.
| Photo Credit:
Reuters

This year’s summit was stated to be the largest of the SCO group as China, which holds the Presidency of the organisation this year, has invited 20 foreign leaders and 10 heads of international organisations, including U.N. Secretary-General Antonio Guterres to attend the SCO Plus summit.

On Monday (September 1, 2025) the leaders address the meeting enunciating their future vision for the organisation.

While kicking off the SCO summit and delivering the keynote address, Chinese President Xi Jinping highlighted the fluid and chaotic world situation. Mr. Xi said “The member countries of SCO are all friends and partners, and should respect differences while maintaining strategic communication.”

The Chinese President called up for setting up ‘SCO development bank’ as soon as possible to for economic cooperation among member states. 

Mr. Xi also pledged to provide 2 billion yuan in grant to member countries within this year, and an additional 10 billion yuan in loan to member banks of the SCO Interbank Consortium over the next three years.