• Xi Jinping urges SCO members to leverage their "mega-scale market" for a new global economic order.
• The summit features major leaders from across Asia, highlighting Global South solidarity.
• China pledges substantial financial aid to member states to strengthen ties and boost trade.

During a recent two-day summit in Tianjin, Chinese President Xi Jinping emphasized the need for Shanghai Cooperation Organization (SCO) members to harness their "mega-scale market" for a new global security and economic order, presenting a challenge to U.S. dominance. In his opening remarks, he stated, "We should advocate for equal and orderly multipolarization of the world," urging members to promote a more just and equitable global governance system, according to Reuters and The Jakarta Post.

Xi announced that China would provide 2 billion yuan (approximately $280 million) in free aid this year, alongside an additional 10 billion yuan in loans to an SCO banking consortium, as part of efforts to enhance collaboration in areas such as energy, infrastructure, and technology. He called for increased trade and investment facilitation among SCO countries during the summit where leaders gathered in a show of solidarity from the Global South, according to Reuters and HuffPost.

Russian President Vladimir Putin supported Xi's vision, stating that the SCO revives "genuine multilateralism," encouraging more usage of national currencies for mutual settlements. He noted that this approach lays the groundwork for a new stability and security system in Eurasia, which would consider the interests of a broad range of countries, contrary to Euro-centric models, according to Reuters, The Jakarta Post, and HuffPost.

Indian Prime Minister Narendra Modi, who attended the summit, aligns with China's approach, stating that India and China are development partners, not rivals. The leaders discussed strengthening trade ties amid global tariff uncertainties, particularly in light of U.S. tariffs impacting developing nations like India, which saw a recent 50% levy on exports, according to The Jakarta Post, Reuters, and HuffPost.