NewCloser trade ties top China’s agenda in Shanghai Cooperation Organisation talks
China signs US$2 billion deal with Kazakhstan on industrial capacity projects as Premier Li Keqiang hosts annual meeting
Forging closer economic ties topped China’s agenda on Monday in a high-level meeting among top officials of countries in the Shanghai Cooperation Organisation (SCO).
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At the two-day meeting that began on Monday in Zhengzhou, Henan province, China’s Silk Road Fund signed an agreement with Kazakhstan’s export and investment agency, under which the fund will set aside US$2 billion for industrial capacity cooperation projects between the two countries.
The SCO Council of Heads of Government meeting was hosted by Premier Li Keqiang, who is actively seeking closer cooperation with nations along China’s “One Belt, One Road” initiative to counter downturn risks.
The talks, which included China, Russia, India, Iran, several central Asian countries as well as some international agencies, would discuss cooperation in trade, investment, finance, transport and counter-terrorism, said a Chinese government statement.
The SCO – founded in 2001, comprising China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan – has extended its economic reach on top of joint efforts to fight terrorism and separatism, the main threats to stability in the region.
Some countries within the SCO – such as resource-rich Russia and Kazakhstan, which are heavily reliant on energy exports – have been hit with economic setbacks and currency depreciation this year as oil prices fell to a six-year low.
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China is also taking pains to implement measures aimed at holding back an economic downturn and revitalising growth.