China put forward a series of substantial proposals for deepening economic cooperation, including its pledge of a US$10 billion loan for joint economic projects within the SCO framework.

Announcing China's pledge, Medvedev said he welcomed China's endeavor "fully", adding that the joint projects, such as infrastructure, will bring the members economically closer together.

Hu also said that China would send trade and investment delegations to SCO members to promote imports and exports and two-way investments.

"There is great potential for member states to cooperate economically," he said, stressing that current endeavors fall short of the developmental goals set by the SCO.

As member states discuss the SCO's expansion, Sri Lanka and Belarus were given the status of dialogue partners.

Uzbekistan took over the SCO's presidency Tuesday, and next year's summit will be held in Tashkent.

(China Daily June 17, 2009)