TIANJIN, Sept. 1 (Xinhua) -- Chinese President Xi Jinping on Monday proposed the Global Governance Initiative (GGI), calling on countries to work in concert for a more just and equitable global governance system.

Xi made the remarks when chairing the "Shanghai Cooperation Organization (SCO) Plus" Meeting in north China's port city of Tianjin, where the SCO held the largest summit in its 24-year history, attended by leaders from more than 20 countries and heads of 10 international organizations.

The GGI marks the fourth landmark global initiative proposed by Xi over the past several years, following the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative.

Xi highlighted five principles of the GGI -- adhering to sovereign equality, abiding by international rule of law, practicing multilateralism, advocating the people-centered approach, and focusing on taking real actions.

While the historical trends of peace, development, cooperation and mutual benefit remain unchanged, the Cold War mentality, hegemonism and protectionism continue to haunt the world, Xi said, adding that new threats and challenges have been only increasing, and the world has found itself in a new period of turbulence and transformation.

"Global governance has come to a new crossroads," he said.

This year marks the 80th anniversary of the victory in the World Anti-Fascist War and the founding of the United Nations. Xi stressed firmly safeguarding the status and authority of the UN, and ensuring its irreplaceable and key role in global governance.

He said that all countries, regardless of size, strength and wealth, are equal participants, decision-makers, and beneficiaries in global governance.

"There should be no double standards, and the house rules of a few countries must not be imposed upon others," Xi noted.

He also urged efforts to better tackle the common challenges for mankind, better narrow the North-South gap, and better safeguard the common interests of all countries.

Xi said the SCO should step up to play a leading role and set an example in carrying out the GGI, and remain a force for stability in this volatile world.

Kin Phea, director general of the International Relations Institute of Cambodia, said the SCO offers "a compelling alternative to zero-sum thinking," emphasizing "listening over dictating, solidarity over supremacy, and shared growth over isolated gains."

Founded in Shanghai in June 2001, the SCO has expanded from six founding members into the world's largest regional organization with cooperation covering more than 50 areas and a combined economic output of nearly 30 trillion U.S. dollars.

Xi urged the organization to push for open cooperation across the globe. "We should continue to dismantle walls, not erect them; we should seek integration, not decoupling. We should advance high-quality Belt and Road cooperation, and push for a universally beneficial and inclusive economic globalization."

China will readily share the opportunities of its vast market, and continue to implement the action plan for high-quality development of economic and trade cooperation within the SCO family, he pledged.

China's investment stock in other SCO member states has exceeded 84 billion U.S. dollars, and its annual bilateral trade with other SCO member states has surpassed 500 billion U.S. dollars.

In particular, Xi mentioned sharing the dividends of progress in artificial intelligence. He also invited countries with relevant capacities to take part in the International Lunar Research Station project.

Xi also underscored the need to "unequivocally oppose hegemonism and power politics," urging the organization to stand as a pillar in promoting a multipolar world and greater democracy in international relations.

Hailing the GGI as "timely and relevant," participants at the meeting said it contributes China's wisdom and solutions to the pressing issues facing the world today, and the SCO's successful practice of upholding the Shanghai Spirit has set a prime example for global governance improvement.

The initiative is "a need of the hour and common aspiration of the global community," said Zafar-Ud-Din Mahmood, former special assistant to the Pakistani Prime Minister.

He expected that the GGI will bring stability, tolerance, peace and inclusiveness to the world.