BEIJING: China has proposed scaling up local currency settlement among member states of the Shanghai Cooperation Organization, expanding cooperation on sovereign digital currency, and promoting the establishment of a development bank within the organization.
President Xi Jinping made the proposals on Tuesday when addressing the 23rd meeting of the Council of Heads of State of the SCO via videoconference in Beijing. He also called on SCO member states to keep to the right direction of economic globalization, uphold solidarity and cooperation and enhance mutual trust.
India, which currently holds the rotating presidency of the regional organization, hosted the annual SCO Summit in a virtual format.
Iran was accepted as a full member of the SCO during the summit, becoming the ninth member in addition to China, Russia, Tajikistan, Uzbekistan, Kazakhstan, Kyrgyzstan, Pakistan and India. Belarus signed a memorandum of obligations on joining the SCO. While addressing the summit, Xi also called on the SCO countries to keep in mind the overall and long-term interests of the region, and make foreign policies independently.
“We must be highly vigilant against external attempts to foment a new Cold War or camp-based confrontation in our region. We must resolutely reject any interference in our internal affairs and the instigation of ‘color revolutions’ by any country under whatever pretext,” he said.
While calling for joint efforts to uphold peace and safeguard common security, Xi underlined the need to advance pragmatic cooperation to expedite economic recovery.
China stands ready to work with all parties to implement the Global Security Initiative, promote the settlement of international disputes through dialogue and consultation, and encourage political settlement of international and regional hot spots, in order to forge a solid security shield in the region, he said. –The Daily Mail-China Daily news exchange item
