China's New Bank: Will It Topple the US? | JQJO

China's President Xi Jinping announced plans to accelerate the creation of an SCO development bank and an international energy cooperation platform at the Shanghai Cooperation Organisation (SCO) summit. Russia and India participated, signaling a challenge to US global leadership. Xi pledged $1.4 billion in loans to SCO members and offered access to China's BeiDou satellite system. Putin voiced support, advocating for a fairer global governance system. The SCO, now with 27 members and partners, aims to counter what Xi calls a 'Cold War mentality' from the US. However, concerns remain about the SCO's effectiveness, particularly regarding its approach to security issues.