As leaders prepare to gather for the Shanghai Cooperation Organization (SCO) Summit in Tianjin from August 31 to September 1, new data reveals explosive growth in China's economic ties with member states. Bilateral trade has multiplied 30 times since the organization's 2001 founding, reaching 3.65 trillion yuan ($512.5 billion) in 2024 according to Chinese customs figures.
The SCO – comprising China, Russia, India, Pakistan, and four Central Asian nations – now accounts for nearly 20% of China's total foreign trade. Energy resources, agricultural products, and high-tech equipment dominate exchanges, with China's infrastructure investments in Eurasian transport corridors creating new supply chain pathways.
"This growth trajectory aligns with China's dual circulation strategy," noted Beijing-based economist Dr. Li Wei. "SCO members provide both critical resources and emerging consumer markets that complement China's development priorities."
The summit is expected to announce new digital economy partnerships and green energy initiatives, building on existing Belt and Road collaborations. Observers will watch for progress on expanding local currency settlements, potentially reducing dollar dependency in regional trade.
