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China lends Shanghai group $10bn China lends Shanghai group $10bn
(about 1 hour later)
China will extend a $10bn (£6bn) loan to Russia and four central Asian states to help them in the financial crisis, Chinese President Hu Jintao has said. China will extend a $10bn (£6bn) loan to Russia and four Central Asian states to help them in the financial crisis, Chinese President Hu Jintao has said.
Speaking at a summit of the Shanghai Cooperation Organisation (SCO) in the Russian city of Yekaterinburg, he said China would aid member states. Speaking at a summit of the Shanghai Cooperation Organisation (SCO) in the Russian city of Yekaterinburg, he said China would help member states.
The group includes Kazakhstan, Uzbekistan, Kyrgyzstan and Tajikistan.The group includes Kazakhstan, Uzbekistan, Kyrgyzstan and Tajikistan.
Yekaterinburg is also hosting a meeting of the world's four emerging economies - Brazil, Russia, India and China.Yekaterinburg is also hosting a meeting of the world's four emerging economies - Brazil, Russia, India and China.
The so-called Bric countries are meeting for the first time to discuss ways to improve the global economy.The so-called Bric countries are meeting for the first time to discuss ways to improve the global economy.
China is now the world's third biggest economy. SCO COUNTRIES China, Russia, Kazakhstan, Uzbekistan, Kyrgyzstan and TajikistanSet up in 2001 to curb extremism in the regionIndia, Pakistan, Iran and Mongolia joined later as observer membersTrade between the six full members stood at $68bn in 2007 class="" href="/2/hi/europe/8099918.stm">Shanghai group leaders open talks
China will also send delegations to SCO nations to assist with trade and investment, President Hu said. China is now the world's third-biggest economy. President Hu said it would also send delegations to SCO nations to assist with trade and investment.
Separately, it was reported that China's Development Bank is to lend $1bn (£610m) to its Russian equivalent VEB to finance investment projects by Chinese companies in Russia. Multilateral measures
The SCO was formed in 2001 in an effort to tackle extremism in the region and enhance border security.
However, there have been moves in the last year to develop co-ordinated trade measures in an effort to stabilise their economies and maintain growth in the current economic crisis, BBC China analyst Shirong Chen says.
These include the idea of building a single energy market.
Some analysts believe China is trying to increase its influence among the highly strategic ex-Soviet states of Central Asia.
Russian trade
In recent months, China has increased lending to Russian companies.
On Sunday, it was reported that China's Development Bank was to lend $1bn (£610m) to its Russian equivalent VEB to finance investment projects by Chinese companies in Russia.
The Development Bank has also loaned $25bn to Rosneft, Russia's state-run oil firm, and Transneft, the state oil pipeline company.
China is Russia's second-largest trade partner after the European Union.
Trade between the two nations totalled $55.9bn last year, and they have plans to increase bilateral trade to about $80bn by 2010.