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China Stresses Global Cooperation in Coping with the Financial Crisis
    2008-10-26 10:56:58     CRIENGLISH.com


Chinese Premier Wen Jiabao has called for strong confidence and effective cooperation as countries around the world deal with the global financial crisis.

Wen Jiabao made the remark at the seventh Asia-Europe Meeting or ASEM summit which concluded in Beijing on Saturday.

During the two-day meeting, European and Asian leaders from over 40 countries held an in-depth dialogue on the topic of global economy.

Chinese Premier Wen Jiabao said the meeting delivered the message that nations across the globe should strengthen confidence in tackling the economic meltdown.

"All the countries, especially the developed ones, should take measures as quickly as possible to stabilize the financial market and build public confidence. We are happy to see many countries have adopted measures to do this. But what we have done is not enough. Further efforts are still needed."

Wen Jiabao highlighted the importance of cooperation in handling the severe financial crisis.

"We need to strengthen cooperation among the countries. That is to say we should work together and help each other to overcome the difficulty. During the process of collaboration, we should clarify the responsibilities of governments, companies and regulators. We have to draw lessons from the current financial crisis."

The premier also stressed that world leaders should correctly handle the relations between the virtual economy and the real economy.

"We should correctly handle the relations between financial innovations and regulations. We need financial innovations to serve the development of the economy. And we need to strengthen regulation in a bid to maintain financial stability. The virtual economy should be coordinated with the real economy. We should never allow the problems in the visual economy affect the real economy."

For his part, European Commission President Jose Manuel Barroso said all countries should unite against the global financial crisis.

"We are in a moment which needs global teamwork. We sit together and we think together. The financial crisis retails most of our potential in the last two days. I'm pleased to confirm a shared determination and commitment in Asia and Europe to work together."

Also at the press conference, French President Nicholas Sarkozy called the Asia-Europe Meeting summit "very helpful" for Asia and Europe to tackle the global financial crisis and build a common cause. He expected China, India, the Republic of Korea and Indonesia would play a major part in the G20 summit slated for next month in Washington.

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