About Us   Jobs   Contact Us      


 
Google  

Asia, Europe to Make Concerted Efforts to Counter Factors Destabilizing Global Economy
    2008-06-17 00:08:52     Xinhua

Asian and European finance ministers agreed Monday to make concerted efforts to counter factors destabilizing global economy, such as surging prices for oil, food and other commodities.

According to a statement issued at the close of their meeting on South Korea's resort island of Jeju, the ministers said while they remain "positive about the long-term outlook of the global economy," they "recognized that the short-term economic prospects have weakened."

Downside risks included U.S. slowdown, tightened credit in world financial markets and "mounting inflationary pressures mainly driven by high energy and food prices," the ministers said.

The ministers stressed that both Asia and Europe are " significantly more resilient" to external shocks than a decade ago, but they can't be fully immune to global economic risks.

The finance ministers also agreed that infrastructure development plays an important role in economic growth and social development, and that microfinancing is an effective means to facilitate economic development and social unity, both in developing and advanced countries, according to the statement.

The gathering is held every two years as a part of the broader Asia-Europe Meeting (ASEM), a dialogue and cooperation body that brings together the 27-member European Union and 16 Asian economies.

ASEM countries represent 51 percent of the world economy as measured by gross domestic product, and account for 62 percent of global trade.

 
Share

               
Recommend


CRIENGLISH.com claims the copyright of all material and information produced originally by our staff. No person, organization and/or company shall reproduce, disseminate or broadcast the content in any manner whatsoever without the express written permission of CRIENGLISH.com.

CRIENGLISH.com holds neither liability nor responsibility for materials attributed to any other source. Such information is provided as reportage and dissemination of information but does not necessarily reflect the opinion of or endorsement by CRI.

Also on our site
China | World
• Russian Natural Gas Supplies to Balkans Halted
• Three Israeli Soldiers Killed in Friendly Fire in Gaza
• Polanski's Lawyers Seek to Have Sex Case Dismissed
• Foreign Journalists still Not Allowed into Gaza
• US VP-elect Joe Biden to Visit Pakistan
• China Curbs Overseas Trips on Public Expense
Business | Sports | SciTech
• China Issues Long-awaited 3G Licenses
• Wahaha, Danone Start Trademark Arbitration
• GM Reports 31 Percent Sales Decline in U.S. Market
• Call for More Overseas Talents
• Bulgarian Figure Skating Champion Sentenced to 2.5 Years in Prison
• China's Mission to Mars Set for Take-off
Life | Showbiz
• A Seemingly Endless Scandal
• Asian Art Top Show Kicks off in Beijing
• Behind-the-Scene Photos of "Look for a Star"
• Universal Pictures Movies Set New B.O. Record in 2008
• Tan Dun's Deep Pool of talent
• Top 10 Shows in 2008 
Webcast  
• China Drive, Afternoon, 2009-01-07
• China Drive, Afternoon, 2009-01-06
• China Drive, Morning, 2009-01-06
• Official Property Declaration System
• India handed over evidence of Mumbai attacks to Pakistan
• EU delegation holds talks to push for a cease-fire in Gaza
• Mubarak Meets with EU Troika on Gaza Situation
• Bush says any Gaza ceasefire must stop Hamas rocket fire
 
View the Messages