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October 15, 2009

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SCO promotes a joint recovery

CHINA, Russia and other members of a regional security group pledged yesterday to work together to combat the global economic crisis and find ways to increase cooperation on financial issues.

A document signed at the meeting of the Shanghai Cooperation Organization in Beijing said the group's members should focus on a joint response to the global financial crisis and a common post-crisis strategy.

Premier Wen Jiabao voiced hope that the meeting created "a unique opportunity for exchanging opinions and working out a specific plan."

"China pays great attention to the Shanghai Cooperation Organization. The meeting has shown that the countries of the region are deeply interested in expanding mutual cooperation for the stake of long-term stable development," Wen said.

Russian Prime Minister Vladimir Putin said, "We must use the potential of our cooperation for post-crisis development."

The members pledged to create a fund to boost transportation and telecommunication links, although no details were given.

The agreement called for finance ministers and central bank governors from the countries to meet later this year in Kazakhstan to discuss trade and using each other's currencies in inter-group trade.

China will carry out a June promise by President Hu Jintao for US$10 billion in loans for SCO member states and continue to send trade and investment delegations to other member countries, Wen said.

He said China will sign agreements on investment and international road transportation as soon as possible. China will carry out the construction of infrastructure including roads and railways, explore clean energies and develop new economic growth points, he said.

Wen also said that China will support the SCO with funding to aid participation in the 2010 Shanghai World Expo.

The SCO, established in 2001, comprises China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. Mongolia, India, Pakistan and Iran are observers.


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