BEIJING - Overseas officials and experts have highly commented on Chinese President Xi Jinping's speech at the 15th summit of the Shanghai Cooperation Organization (SCO), saying that Xi's proposal on SCO future development has injected new dynamism into SCO and regional development.

UPHOLDING "SHANGHAI SPIRIT," BUILDING COMMUNITY OF COMMON DESTINY

In his speech, delivered Friday in the southwestern Russian city of Ufa, Xi called for upholding the "Shanghai Spirit" of mutual trust, mutual benefit, equality, consultation, respect for cultural diversity and pursuit of common development, in a bid to build a community of common destiny in the region.

Yakov Berger, a senior researcher with the Institute of Far Eastern Studies of the Russian Academy of Sciences, said the "Shanghai Spirit" is the basis for the continuous development of the SCO and has earned support from its member states.

Despite different cultures and stances, the SCO member countries should abide by one common principle -- the "Shanghai Spirit," he added.

Under the current complicated regional and international situation, the "Shanghai Spirit," which was forged 15 years ago, still has vitality in promoting cooperation in security, economy and other areas, Berger said.

It can help the SCO deal with non-conventional threats and challenges in security areas such as terrorism, drug-trafficking and transnational organized crimes, he added.

Experts say the "Shanghai Spirit" is still a norm governing international relations with strategic perspectives despite the great changes that have occurred in the international situation.

Noting that the Eurasian region is now faced with spreading extremism and an economic downturn, they say they are confident that guided by the "Shanghai Spirit," the SCO members will deepen win-win cooperation in safeguarding stability and promoting development and build the region into a community of common destiny.

BELT INITIATIVE OFFERS NEW OPPORTUNITIES FOR COOPERATION

During the SCO summit, aligning China's Silk Road Belt initiative with other SCO member countries' development strategies was a hot topic.

Xi brought up the Belt initiative in 2013 in a bid to boost cooperation between -- and thus advance the development of -- countries along the ancient Silk Road trade route.

In his speech, Xi called on SCO countries to enhance regional economic cooperation in such areas as inter-connectivity of transportation facilities, investment, production capacity and equipment.

Seylbek Musataev, a professor with Al-Farabi Kazakh National University, said the implementation of the Belt initiative will benefit about 3 billion people in the countries along the ancient Silk Road.

Musataev noted that currently the West Europe-West China International Transit Corridor and the Uzbekistan-Turkmenistan-Iran-Oman transport corridor are under construction in order to rebuild the Silk Road and expand international transport.

Kazakhstan will also increase the transport capacity of Aktau port, while cooperating with China in constructing a logistics terminal in China's eastern port of Lianyungang in addition to the Horgos International Border Cooperation Center, Musataev added.

Sherali Rahmon, first deputy transport minister of Tajikistan, said his country has great demand for infrastructure construction, especially road construction, as 93 percent of its territory is mountainous.

Tajikistan hopes that during the implementation of the Belt and Road initiative, which also includes the 21st-Century Maritime Silk Road, the construction of the second part of a road between Tajikistan and China can be accelerated to benefit the two peoples, Rahmon said.

Mars Sariev, a Kyrgyz expert in political and economic science, said the SCO has been deepening cooperation in trade and economy, while inter-connectivity projects within the framework of the Belt and Road initiative have laid a solid foundation for the economic development of SCO member countries.

Transportation and logistics between China and Kyrgyzstan are becoming increasingly convenient and fast, with ongoing construction or reconstruction of several international roads, Sariev said.

When the China-Kyrgyzstan railway project is completed and put into operation, Kyrgyzstan will be able to connect its railway lines with those of Uzbekistan, Turkmenistan, Azerbaijan and even Europe, so that Kyrgyzstan will have access to more markets while other countries along the railway lines will also benefit from the inter-connectivity, Sariev said.

EXPLORING POTENTIAL FOR COOPERATION, SOLVING DEMAND FOR FINANCING

Despite the great potential for SCO multilateral economic cooperation, implementation of cooperation projects is subject to limitation due to an inadequate financing mechanism.

Therefore, Xi called for the establishment of an SCO development bank, saying it is a strategic move to advance multilateral cooperation within the framework of the SCO and bears great significance to its future development.

Boris Volkhonsky, head of the Asian Department at the Russian Institute for Strategic Studies, said the SCO development bank will first be a platform for investment, which provides capital for promising large projects in SCO countries.

The bank, he added, may develop into a financial institution with global influence in the future.

Almaz Mamytov, vice dean of the Economy and Finance Faculty of Kyrgyzstan's Bishkek Humanities University, said China has been struggling for a say in the international financial system for developing countries, including proposing the establishment of the SCO development bank.

Both the SCO development bank and the Asian Infrastructure Investment Bank will be conducive to solving difficulties in financing for developing countries, Mamytov said.

Meanwhile, he added, the SCO development bank is to be based on the principles of common benefit and closer local-currency settlement cooperation, which will significantly promote regional trade and economic cooperation, particularly financial cooperation.