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Wen Jiabao Reiterates China’s Proposal to Establish an SCO Development Bank

China’s Premier, Wen Jiabao, when meeting with heads of delegations attending the 10th prime ministers’ meeting of the Shanghai Cooperation Organization (SCO) in St. Petersburg, Russia, renewed China’s proposal to establish a regional development bank. During last year’s meeting at Dushanbe, Tajikistan’s capital, Wen suggested founding an SCO development bank in a bid to promote the development of a regional financing system. In St. Petersburg, Wen hoped the member countries would attach importance to China’s proposal. He recommended that an expert panel be put together to study the proposal and formulate plans for the establishment of the development bank. Wen also made a series of proposals for regular meetings of the finance ministers and central bank presidents, expansion of cooperation within the SCO regarding trade and settlement, and building a multi-level and multi-channel financing cooperation system.

Source: China National Radio, November 8, 2011