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.

Source: Xinhua