SCO members are jointly strengthening their cooperation to bring more practical benefits to peoples in the region

This year marks the 20th anniversary of the founding of the Shanghai Cooperation Organization. Since its founding, SCO member countries have been upholding the Shanghai Spirit, achieving remarkable results in promoting regional economic and trade cooperation, and boosting regional economic development.

In 2020, the trade volume among SCO members reached close to $245 billion, 13 times larger than the figure in 2001. The trade volume from January to April this year was $97.7 billion, representing year-on-year growth of 37.6 percent. China is the largest trade partner of Russia, Uzbekistan, India and Pakistan.

Over the past three years, more than 1,100 enterprises from SCO countries have participated in the China International Import Expo and deals worth over $3.5 billion have been signed. In the SCO International Investment and Trade Expo held in Qingdao, Shandong province, in April, participating enterprises signed deals of intent worth nearly $2 billion. In the future, China will continue to expand its imports of products from other SCO member countries through platforms such as the CIIE and SCO International Investment and Trade Expo.

As well as closer trade cooperation, the interconnectedness among the SCO members has improved. By the end of May, China had invested a total of $86 billion in other SCO member countries, and undertaken projects valued at $290 billion, having facilitated the construction of many infrastructure programs such as roads, power stations, hospitals and schools, to improve the interconnectedness of the region and the welfare of local people. China has set up a 30 billion yuan ($4.63 billion) special lending facility within the framework of the Inter-Bank Consortium of the SCO, and has launched a $5 billion China-Eurasian Economic Cooperation Fund.

Programs such as the China-Europe freight trains, China-Pakistan Economic Corridor, China-Central Asia Gas Pipelines, and the China-Kyrgyzstan-Uzbekistan highway have enhanced regional economic and trade ties and set an example in building the Belt and Road Initiative.

Since the novel coronavirus broke out last year, SCO member states have provided aid to each other, a vivid example of building the community with a shared future for mankind. After basically containing the spread of the virus at home, China sent experts and workers to other countries on chartered planes to ensure the construction of major projects such as the Shymkent oil refinery in Kazakhstan, and parliament and government office buildings in Tajikistan.

By the end of May, China had provided 15 million doses of COVID-19 vaccines to other SCO member countries. In the next three years, China will offer $3 billion in international aid to support anti-pandemic efforts and the recovery of social and economic activities in developing countries, including SCO members.

China is accelerating the establishment of a new development paradigm with domestic circulation as the mainstay and domestic and international circulations complementing each other, which will provide other SCO member countries with broader market and more development opportunities.

To jointly promote the liberalization and facilitation of trade, China is willing to work with the other member states to further eliminate tariffs and non-tariff barriers, and ensure the safety and smooth operation of regional supply chains and industrial chains. It is willing to launch at an early date negotiations over the agreement on SCO trade liberalization to boost trade among member countries.

China is opening its door wider to share its development opportunities with other countries, thus jointly building a market-oriented and law-based business environment. It is strengthening the safeguards for the legal rights and interests of market entities, easing the restrictions on foreign investment, and improving the protection for foreign investment programs.

It is also promoting greater interconnectedness. In 2020, a record 12,400 freight train trips were made between China and Europe, transporting cargo worth $50 billion. SCO member countries are situated along the route of the China-Europe freight trains. China is willing to cooperate with the relevant countries to promote the efficiency of border crossing and the reloading of trains, as well as in the construction of logistics and storage hubs in order to build a "steel trade caravan" connecting Asia and Europe.

To enhance cooperation in the digital economy and service trade, China is accelerating the development of new business models such as cross-border e-commerce, and vigorously developing the service trade. It is willing to accelerate the signing of service trade and e-commerce cooperation documents with other countries. It is hoped that all parties will take part in the China-SCO Forum on the Digital Economy Industry in Chongqing in August, the China International Fair for Trade in Services in Beijing in September, and the China International Import Expo in Shanghai in November.

Last year, President Xi Jinping made the solemn pledge that China will strive to peak its carbon emissions before 2030 and achieve carbon neutrality before 2060. To promote green and sustainable growth, China is ready to join hands with other parties to enhance collaboration to promote a low-carbon and circular economy, foster green industries and develop green trade.

Over the last two decades, experts from think tanks of member states have contributed many inspiring ideas on economic cooperation within the framework of the SCO. China led the efforts in founding an SCO alliance of economic think tanks in 2018 to promote the exchanges and coordination of experts from different countries. It is hoped that experts from SCO member countries will continue contributing their wisdom and enhance cooperation in the study on economic issues to jointly deepen the economic cooperation of the region, and bring more practical benefits to peoples in the region.

The author is a second inspector of the Department of Eurasia Affairs of the Ministry of Commerce. The author contributed this article to China Watch, a think tank powered by China Daily. The views do not necessarily reflect those of China Daily.