Xi and Putin Call for New Global Order at SCO Summit

Chinese President Xi Jinping and Russian President Vladimir Putin used a regional security and economic summit on Monday to press for a new global order centred on the “Global South,” directly challenging U.S. dominance.

Xi hosted more than 20 leaders at the two-day Shanghai Cooperation Organisation (SCO) meeting in the northern port city of Tianjin, urging members to “promote the democratisation of international relations and enhance representation of developing countries.”

“At a time of turbulence, global governance has reached a new crossroads,” Xi said, calling for opposition to “hegemonism and power politics” in what analysts see as a veiled reference to Washington.

Xi’s Global Governance Initiative

The Chinese leader introduced his “Global Governance Initiative,” the latest of Beijing’s policy frameworks designed to promote its leadership role on the international stage. While lacking specific policy details, Xi emphasized inclusive economic globalisation and highlighted the SCO’s “mega-scale market” spanning energy, science, and technology.

Beijing pledged 2 billion yuan ($280 million) in free aid for SCO member states this year, alongside 10 billion yuan in loans through an SCO banking consortium. Xi also announced plans to establish an artificial intelligence cooperation centre and invited members to join China’s lunar research station.

A key proposal included the creation of a new SCO development bank, advancing the bloc’s ambition of building an alternative payment system that reduces reliance on the U.S. dollar.

Putin promotes Eurasian stability

Putin echoed Xi’s vision, praising the SCO for reviving “genuine multilateralism” and highlighting a growing shift towards using national currencies in trade settlements.

“This lays the groundwork for a new system of stability and security in Eurasia,” Putin said, contrasting the SCO’s model with “Euro-centric and Euro-Atlantic systems” that he argued prioritize the interests of a few nations at the expense of others.

The Russian leader said such an approach would ensure “truly balanced” security that reflects the interests of a broad range of countries.

Regional diplomacy

The summit drew leaders from Central Asia, South Asia, the Middle East, and Southeast Asia, including Indian Prime Minister Narendra Modi, who visited China for the first time in seven years. Beijing and New Delhi used the gathering to signal a thaw in ties, with both leaders agreeing their nations are “development partners, not rivals.”

UN Secretary-General Antonio Guterres, also in Tianjin, described China as playing a “fundamental” role in upholding multilateralism.

The SCO, founded in 2001 by six Eurasian nations, has expanded to 10 permanent members and 16 dialogue and observer states. Its growing influence reflects shifting global alignments as China and Russia seek to reshape institutions of power and present an alternative to the U.S.-led order.

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