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Global voices welcome President Xi's new initiative to improve global governance

China

China

China

Global voices welcome President Xi's new initiative to improve global governance

2025-09-02 21:37 Last Updated At:22:27

Chinese President Xi Jinping's Global Governance Initiative (GGI), proposed at the "Shanghai Cooperation Organization (SCO) Plus" Meeting in Tianjin on Monday, has received warm welcome from guests at the meeting, who said it promotes solidarity and cooperation among the international community.

The landmark initiative focuses on five key areas -- upholding sovereign equality, adhering to the international rule of law, practicing genuine multilateralism, adopting a people-centered approach, and prioritizing action-oriented cooperation.

Putting forth the proposal, Xi said the SCO is playing a more active role in enhancing global governance and fostering a more stable and prosperous world.

Manish Chand, director and founder of the Center for Global India Insights, said the initiative holds the potential to boost solidarity and cooperation.

"That was an important idea because it's a statesman-like approach -- how to rally the whole region together in the spirit of solidarity and cooperation. That was a big message coming out and this is very important that this message by Xi Jinping and the SCO forum (be heard)," he said.

Xi also called on all SCO participating countries to expand their collaborations in the security, economic, scientific, educational and cultural sectors.

Wang Huiyao, president of the Center for China and Globalization, commended the SCO's growing role in achieving global development through cooperative means.

"The SCO is a great platform to announce the global governance initiative. [It] sets a new direction for all the countries to work together, to consult each other together, and also to develop together," he said.

With Laos now becoming the latest dialogue partner of the SCO, the organization has grown to include 27 participating countries, making it the world's largest regional organization, with cooperation spanning over 50 fields.

Representing nearly half of the world's population and a quarter of global GDP, the SCO is expected to advance equal, inclusive and people-centered economic globalization.

This year, more than 3,000 journalists from around the world came to cover the fruitful outcomes of the summit in Tianjin.

"So we will see the implementation of the joint initiatives and joint projects within the SCO bloc. And I think it’s very important because it will then foster not only economy growing but also we are seeing people-to-people ties, collaborations and cooperation on different levels, from the high levels to the grassroots," said Ainur Imangali, a news host for Silk Way TV in Kazakhstan.

Global voices welcome President Xi's new initiative to improve global governance

Global voices welcome President Xi's new initiative to improve global governance

China's outstanding aggregate social financing -- the total amount of financing to the real economy -- reached 442.12 trillion yuan (about 63.4 trillion U.S. dollars) as of the end of 2025, up 8.3 percent year on year, central bank data showed on Thursday.

The country's aggregate social financing stood at 35.6 trillion yuan (about 5.1 trillion U.S. dollars) in 2025, up by 3.34 trillion yuan (about 479 billion U.S. dollars) from the year 2024, said the People's Bank of China (PBOC), the country's central bank.

According to the data, the M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 8.5 percent year on year to 340.29 trillion yuan (about 48.8 trillion U.S. dollars) as of the end of December.

In addition, outstanding yuan loans stood at 271.91 trillion yuan (about 39 trillion U.S. dollars) at the end of 2025, up 6.4 percent year on year.

China's aggregate social financing maintains high growth in 2025

China's aggregate social financing maintains high growth in 2025

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