Overview

• At the Tianjin summit, Xi Jinping unveiled a Global Governance Initiative to position China as a convener of an alternative order through the SCO and the Belt and Road Initiative.
• Xi proposed creating an SCO development bank and pledged CNY10 billion in loans to an SCO banking consortium to support payment systems that reduce reliance on the U.S. dollar.
• Russia and Gazprom announced memoranda for the Power of Siberia‑2 route through Mongolia and related capacity increases, with reporting indicating a 50 bcm‑per‑year supply target for 30 years.
• India pressed for an explicit stance against terrorism, and the Tianjin joint declaration for the first time condemned the Pahalgam attack.
• Analysts say the SCO’s strength lies in convening rivals under broad language, yet its minimal obligations and lack of enforcement raise doubts about translating announcements into collective action.