The six-member Shanghai Cooperation Organization on Thursday proposed to advance the establishment of a development bank and fund to boost financial cooperation.

The proposal was signed by member countries at the 15th meeting of the heads of government of the group, which consists of China, Russia, Kyrgyzstan, Kazakhstan, Tajikistan and Uzbekistan.

Premier Li Keqiang, attending the meeting, also said China is open to the establishment of a free-trade zone among the SCO members.