Belt & Road initiative drives economic rejuvenation of SCO countries

In the end of 1970s, China was eager to attract foreign investment, and to learn about foreign technology and management science. During decades of rapid development, an array of strong companies and industries accumulated considerable funds and experience.

"Chinese technology and management is perhaps more suitable for SOC members which have similar, weak infrastructure [as China in the 1980s]," said Tu Xinquan of the University of International Business and Economics.

A Silk Road fund and the Asian Infrastructure Investment Bank, with authorized capital of $100 billion, have been created to finance infrastructure across Asia.

At the 15th SCO summit in July, President Xi said China would meet investment demands of SCO members via the China-Eurasia economic cooperation fund and the Silk Road fund. To address the shortage of capital, SCO members are moving forward on an SCO development bank, a proposal which Xi described as of "great significance" that will advance multilateral cooperation.

China has currency swap agreements with Russia, Uzbekistan and Kyrgyzstan to advance local currency settlement in bilateral trade.

After the inclusion of the renminbi into the Special Drawing Rights basket, the SCO countries will be more willing to settle with yuan and use Chinese investment.

China stresses an open and inclusive Belt and Road initiative. The initiative involves more than 60 countries including the SCO members and will help reinvigorate the slowing process of globalization, said Huang Mengfu, honorary president of the All-China Federation of Industry and Commerce.