China puts in place $900m loan for SCO member states: Hu

    China has basically put in place 900 million U.S. dollars worth of loans for other members of the Shanghai Cooperation Organization (SCO), Chinese President Hu Jintao said in Beijing Tuesday.

    The loans were made in the form of preferential buyers credit for SCO member states who buy Chinese exports.

    Established in 2001, the SCO now includes China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. In 2004 and 2005, the SCO accepted Mongolia, Iran, Pakistan and India as observers.

    During a joint interview with the media from the six member states, Hu said in order to put in place the 900 million U.S. dollar worth of loans that he pledged on behalf the Chinese government at the Tashkent Summit of SCO in 2004. He made another announcement at the Astana Summit in 2005 that the Chinese government would offer more favorite conditions on these loans.

    Hu said China and other SCO members had already decided on 127 joint projects and had set up seven specialist panels to study and coordinate cooperation in such fields as quality inspection, customs, electronic commerce, investment promotion, transportation, energy and telecommunications.

    Hu said all the SCO members attached great importance to trade and economic cooperation within the SCO framework. They had signed a multilateral trade and cooperation agreement and plans to implement the agreement.

    Generally speaking, Hu said, trade and economic cooperation within the SCO framework had a huge potential and bright prospect.

    He expressed the belief that under the joint effort of all SCO members, trade and economic cooperation will yield substantial results and bring benefits to the people of all member countries.

    President Hu anticipates successful SCO summit

    Chinese President Hu Jintao said Tuesday that the Shanghai Cooperation Organization (SCO) summit meeting on June 15 in Shanghai is expected to be a complete success.

    "During the summit, the heads of the SCO member states will have in-depth exchanges of views on mutually beneficial cooperation and sign important documents," said Hu in a joint interview in Beijing with media representatives from the six member states.

    The heads of state of the six SCO member countries will attend the summit meeting, along with observers and representatives from countries and international organizations that have established cooperative relations with the SCO.

    Established in 2001, the SCO comprises China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. In 2004 and 2005, it accepted Mongolia, Iran, Pakistan and India as observers.

    The summit will review the developments of the organization since it was established five years ago, analyze international and regional situations, study the organization's future development and outline cooperation plans, said Hu.

    "This will help build a harmonious region with sustainable development and common prosperity," said Hu.

    "The countries in the region are striving to safeguard peace and stability and promote their economic development," said Hu, adding the summit will be "united, pragmatic and important."

    Hu hailed the sound development of the organization in the past five years, citing fruitful cooperation among the member states in terms of politics, security, trade, culture and international affairs.

    He attributed the rapid growth of the SCO to the "Shanghai Spirit" of mutual trust and benefit, equality, consultation, respect for cultural diversity and the desire for common development.

    "Though there are big differences among the SCO member states in ideology, culture and level of economic development, the reason why the SCO has made such rapid progress and outstanding achievements lies in our insistence on the Shanghai Spirit," said Hu.

    The Chinese government has played its due role in establishing and developing the SCO by working closely with the member states to boost mutual trust and trade cooperation, he said.

    "China will make joint efforts with the other countries to lift bilateral relations to a new height and promote the SCO to make new progress," said Hu.

    "I am looking forward to meeting with the heads of the member states to exchange views on international and regional issues of common concern," said Hu.