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China to carry out $10b loans for SCO member States

(Xinhua)
Updated: 2009-10-15 15:29

China will carry out the announced $10 billion of loans for Shanghai Cooperation Organization (SCO) member States and continue to send trade and investment delegations to other members, said Premier Wen Jiabao Wednesday.

Wen also raised a seven-point proposal to enhance regional cooperation at the eighth prime ministers' meeting of the SCO member States in Beijing.

First, to deepen financial and monetary cooperation. China will enhance the exchanges of financial and monetary policies and improve the trade settlement payment system to promote international monetary system reform, to enhance the diversification and rationalization of the international system and to jointly safeguard financial stability.

Second, to promote the security and facilitation of trade and investment. China will sign the Agreement on Encouragement and Reciprocal protection of Investments, and work out the Agreement on Facilitation of International Road Transport as soon as possible. The government will formulate the Plan on Road Network Development Coordination and strengthen the management on port cooperation, as well as to solve the food security problems of the member States.

Third, to accelerate the implementation of large economic and technological cooperation projects. China will mainly carry out the construction of infrastructures including roads and railways, to explore new clean energies and develop new economic growth points. It will give full play to industrial councils and bank consortium to create better conditions for middle and small industries.

Fourth, to expand channels of cooperation. China will deepen the reform in agriculture cooperation, guarantee food security and establish a promoting system for boarder agricultural trades. It will enhance technological cooperation, transformation and modernization of traditional industries, the capacity of creativity and industrialization of scientific results.

Fifth, China will carry out the announced $10 billion of loans for Shanghai Cooperation Organization (SCO) member States and continue to send trade and investment delegations to other members, to fight trade and investment protectionism and motivate trades and development of the members.

Sixth, to promote cultural exchanges, and the cooperation on health, education, disaster relief and human resources. China will support the Shanghai Cooperation Organization (SCO) with funds to join in the 2010 Shanghai Expo.

Seventh, to deepen the cooperation on security. China will intensify the fight against the three forces and steadily support each other on sovereignty, security and development.

Related readings:  China calls for SCO's joint response to global economic downturn  Premier Wen: Meeting of SCO PMs fruitful  China's premier calls for closer co-op within SCO members  China to provide $10b to SCO members

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

The eighth prime ministers' meeting was chaired by Premier Wen and attended by his counterparts from Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan, as well as representatives from the SCO observer nations and Afghanistan.