TIANJIN, September 1. /TASS/. The countries of the Shanghai Cooperation Organization (SCO) must create a SCO development bank in the near future, Chinese President Xi Jinping said, opening the organization’s summit in Tianjin.

"It is necessary to create the Development Bank of the Shanghai Cooperation Organization as soon as possible in order to boost cooperation between member states in the security and economy spheres," the Chinese leader said.