Overview

• President Xi Jinping proposed a Global Governance Initiative at the Tianjin summit, casting the SCO and Belt and Road as pillars of a China-led multilateral vision.
• China pledged CNY 10 billion in loans to an SCO banking consortium and flagged a future SCO development bank to build alternative payment systems.
• The Tianjin Declaration opposed “unilateral coercive measures,” while leaders, including Vladimir Putin, promoted greater use of national currencies in settlements.
• Gazprom signed a binding memorandum to build Power of Siberia‑2 through Mongolia, expected to supply 50 bcm annually, and agreed to expand other pipeline capacities.
• India secured explicit condemnation of the Pahalgam terror attack in the joint text, even as analysts noted the SCO’s limited enforcement and persistent internal divisions.