China and Russia are actually suffering in recent months from the scourges the SCO was set up to deal with (extremism, separatism, and terrorism). Was the Uyghur situation discussed? Not at all. The North Caucasus problem? Nope.
The only concrete result of this meeting is that the Central Asian countries will get $10b in credit from China, to help combat the downturn. While I'm sure there is some kind of security aspect to that, it's very weak work from a hyped security summit.
Guys--if you want to balance against "hegemonism," you'll need something stronger than that.