China will manage to enhance economic cooperation with other members of the Shanghai Cooperation Organization (SCO) on the basis of mutual benefit and a win-win situation, in a bid to promote common prosperity of all countries in the region, Vice Premier Wu Yi said on Sunday in St. Petersburg.

The senior cabinet member suggested measures to speed up regional cooperation, typically in terms of building roads, telecommunication networks, electric power grids and railways.

She also proposed measures to facilitate trade by simplifying the Customs clearance procedure and unifying quality-control standards when addressing a board meeting of the SCO Business Council on the sidelines of the 11th St. Petersburg international economic forum ongoing in the northwest Russian economic hub.

"Mutually beneficial cooperation between SCO members has resulted in tangible fruits and has entered a news period of substantial cooperation," she said.

Founded in China's economic hub of Shanghai on June 15, 2001, the SCO also comprises Kazakhstan, Kyrgystan, Russia, Tajikistan and Uzbekistan, with Mongolia, Pakistan, India and Iran being observers. The organization is aimed at enhancing political trust and economic ties.

Trade volume between China and the other SCO members reached 45.2 billion U.S. dollars last year, nearly tripled in six years, Chinese Customs figures show.

Chinese investment in the other SCO members has covered such fields as energy, communication, telecommunication, machinery and light industries. China has also offered assistance in agriculture, environmental protection and capacity building, Wu said.

The SCO will hold a summit in Kyrgystan later this year, which is expected to involve heads of states of members.

Source: Xinhua