Xi seeks expanded role for SCO at Tianjin summit

China plans to accelerate the creation of a development bank and set up an international platform for energy cooperation, Chinese President Xi Jinping announced Monday at a summit that represents an emerging challenge to U.S. global leadership with the participation of Russia and India.

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Russian President Vladimir Putin and Indian Prime Minister Narendra Modi were among the leaders meeting in Tianjin, in northern China, for the annual summit of the Shanghai Cooperation Organization. The security forum was originally seen as a foil to U.S. influence in Central Asia and has grown in size and influence over the years.

Xi is attempting to expand the scope of the SCO. He announced initial plans for a development bank run by the organization, introduced a cooperation platform for green and energy industries and pledged $1.4 billion in loans over the next three years to the organization's members.