A new global security and economic order, one that places priority on the “Global South,” was championed by Chinese President Xi Jinping. This vision was presented during a summit that included the leaders of Russia and India and was viewed as a direct challenge to the United States. It was asserted by Xi that a clear stand must be taken against hegemonism and power politics, and that genuine multilateralism should be practiced. These remarks were widely interpreted as a veiled criticism of the United States and the tariff policies that have been pursued by President Donald Trump.
The assertion was made that global governance has arrived at a new crossroads. The summit was hosted by Xi in the Chinese port city of Tianjin, with more than 20 leaders from non-Western nations in attendance for the Shanghai Cooperation Organisation. This China-backed initiative was said to have been given renewed momentum by the presence of Russian President Vladimir Putin and Indian Prime Minister Narendra Modi. A scene intended to convey a mood of solidarity was captured in an image that showed Putin and Modi holding hands as they walked jovially toward Xi before the summit began. The three men were seen standing shoulder-to-shoulder, laughing and surrounded by interpreters. According to Eric Olander, editor-in-chief of The China-Global South Project, it was difficult to determine whether the scene was choreographed or improvised, but it was considered of little consequence. It was suggested that if the U.S. president and his supporters believed that tariffs could be used to pressure China, India, or Russia into submission, that particular encounter conveyed otherwise.
Following the summit, Modi was given a ride by Putin in the Russian leader’s armoured Aurus limousine on their way to a bilateral meeting. It was later written by Modi on X that conversations with Putin were always insightful. During the bilateral meeting, Modi was addressed by Putin in Russian as “Dear Mr Prime Minister, dear friend.” China and India are known to be the largest purchasers of crude oil from Russia, which is the world’s second-largest exporter. Tariffs have been imposed on India by Trump over these purchases, but not on China.
The Beijing-headquartered SCO, which is little known outside of the region, was established over two decades ago as a regional security bloc. The founding members are China, Russia, and four Central Asian states. India joined the organization in 2017. Xi did not outline any specific measures for what was referred to as his “Global Governance Initiative.” This was the latest in a series of policy frameworks from Beijing that are aimed at promoting China’s leadership and challenging the U.S.-dominated international organizations that were formed after the Second World War.
Earlier in the proceedings, a push was also made by Xi for a more inclusive form of economic globalisation amid the turbulence caused by Trump’s tariff policies. The SCO’s “mega-scale market” and economic opportunities were touted by him. Putin, whose country has developed even closer economic and security ties with China since the conflict in Ukraine, stated that the SCO had revived “genuine multilateralism,” with national currencies being increasingly used in mutual settlements. It was claimed by Putin that this, in turn, lays the political and socio-economic groundwork for the creation of a new system of stability and security in Eurasia. It was added that this security system, unlike Euro-centric and Euro-Atlantic models, would genuinely take into account the interests of a wide range of countries, be truly balanced, and would not allow for one country to ensure its own security at the expense of others.
The creation of a new SCO development bank was called for by Xi. This would represent a significant stride toward the bloc’s long-held ambition of developing an alternative payment system that circumvents the U.S. dollar and the authority of U.S. sanctions. It was announced that 2 billion yuan ($280 million) of free aid would be provided to member states this year by Beijing, along with an additional 10 billion yuan in loans to an SCO banking consortium. China will also be building an artificial intelligence cooperation centre for the SCO nations, which have also been invited to take part in China’s lunar research station. The summit was used by Beijing as an occasion to mend relations with New Delhi. A consensus was reached by Modi and Xi on Sunday that their countries are development partners, not rivals, and discussions were held on ways to improve trade. This was Modi’s first visit to China in seven years.
A massive military parade will also be presided over by Xi in Beijing, where he is expected to be joined by Putin and North Korean leader Kim Jong Un. The parade, which will commemorate the 80th anniversary of Japan’s surrender in the Second World War, will feature China’s most recent military technology in a show of force that is believed by analysts to be an effort to intimidate and deter potential rivals.
