Russia's concession paves the way for the Shanghai Cooperation Organization development bank plan, which China has waited 15 years for, to迎来曙光, but India becomes the key.

[Russia finally gives in, China's 15-year SCO plan is possible, but India needs to agree.]

According to Hong Kong media reports, as the Putin government "looks eastward," Russia's attitude has changed and it no longer opposes the establishment of an SCO development bank.

This month, China held an SCO finance ministers and central bank governors meeting, where all parties agreed to support actions to deepen regional financial cooperation, including the establishment of an SCO development bank. This means that after China proposed this in 2010 and made relentless efforts for 15 years, it is now close to bearing fruit.

However, although Russia's position has softened and it no longer opposes China's proposal, there is still a major obstacle to the establishment of the SCO development bank, namely India.

On one hand, for China to successfully establish the SCO development bank, it requires unanimous consent from member states, so whether India will act as a spoiler is worth watching; on the other hand, even if China's plan succeeds, in the future, India may not cooperate out of concerns about Chinese dominance and sanctions from the US and Western countries, which raises serious doubts. Therefore, China needs to prepare accordingly.

Source: https://www.toutiao.com/article/1835261459723267/

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