TIANJIN -- 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 80th founding anniversary of the United Nations (UN). 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.

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.

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Full text of Xi Jinping's speech at the "Shanghai Cooperation Organization Plus" Meeting