BRI NEWS China to set up 30-bln-yuan lending facility under SCO framework: Xi

BRI NEWS

China to set up 30-bln-yuan lending facility under SCO framework: Xi

Xinhua

12:03, June 10, 2018

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Photo: Xinhua

President Xi Jinping said Sunday that the Shanghai Cooperation Organization (SCO) members need to build a powerful engine to achieve common development.

Xi made the remarks at the 18th Meeting of the Council of Heads of Member States of the SCO in the Chinese coastal city of Qingdao, Shandong Province.

The SCO member states should increase the complementarity of their respective development strategies, and continue to pursue the Belt and Road Initiative under the principle of achieving shared growth through discussion and collaboration, Xi said.

They should also accelerate regional trade facilitation, and step up the implementation of the Agreement on International Road Transport Facilitation and other cooperation documents, he added.

"China welcomes all parties to the first China International Import Expo to be held in Shanghai in November this year," Xi said.

The Chinese government supports the opening of a demonstration area in Qingdao for China-SCO local economic and trade cooperation, and will set up a committee of legal services for SCO members to provide legal support for economic and trade cooperation, he said.

"China will set up a 30-billion-yuan (4.7 billion U.S. dollars) equivalent special lending facility within the framework of the SCO Inter-bank Consortium," Xi said. 

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