Overview

• At the Tianjin gathering, Xi announced a China-led Global Governance Initiative and proposed an SCO development bank, paired with a 10 billion yuan loan commitment to an SCO banking consortium.
• Leaders signaled a push to expand settlement in national currencies, with Vladimir Putin noting increasing use of local money in trade among member states.
• Russia and China deepened energy ties as Gazprom signed a memorandum on the Power of Siberia‑2 pipeline through Mongolia and agreed to boost gas flows via existing routes.
• India pressed an unambiguous anti-terror stance and secured explicit condemnation of the Pahalgam attack in the Tianjin joint declaration.
• Commentary highlighted China’s convening power across rival states while stressing the SCO’s limited enforcement mechanisms and uncertain path from symbolism to operational change.