China, Russia pledge new global order at Shanghai Cooperation summit | Politics News

Chinese President Xi Jinping outlines plans for new development bank and financing options for SCO members.

At the Shanghai Cooperation Organisation summit, Xi Jinping and Vladimir Putin proposed a new international order, with Xi announcing a development bank and $1.68 billion in financial support for SCO members. This shift towards multilateralism reflects China’s aim to create an alternative governance system to the US-led order, amid growing global discontent with American policies.