Anchor: addressing ahead of the Asia Europe Meeting summit in Beijing, European Commission President Jose Manuel Barroso has called for unprecedented levels of global coordination to resolve the current global economic meltdown. He stresses that China's contribution to the world economic activity is crucial.

Xiao Hua has more.

Reporter:

The world is facing an unprecedented moment, and the financial crisis in recent months has shown how interdependent the world has become.

Delivering a speech at China National School of Administration, European Commission President Jose Manuel Barroso reiterated that the new challenges today are globally in nature and demand global response. The present economic turmoil also need global collaboration as no one can escape from its influence.

"We need more and better long term coordination, to ensure transparency and confidence in the market. In order to cushion the impact of financial crisis on the real economy, we also need to sustain domestic demand, and to further promote international trade."

The European Commission President pointed out the current crisis has showed the risks of some macro-economic imbalance, as well as some fundamental problems of global economy. Therefore, important reform on the international financial institutions is needed.

He added that the international economic summit which will be held in the United States next month will try to establish some basic principals for the new world financial order.

"Principals that we believe are important for the financial system, principals like transparency, integrity, cross-border supervision, and we will give afterwards to some representatives the task to elaborate further on that matters and more concrete proposals."

China was also invited to take part in the summit, and Barosso stressed that China's contribution to the world economic activity is crucial.

"We also believe China can do more and can collectively cooperate with others to find some global solutions. China is already an important not only economic player, one of the biggest economy in the world now, but also in financial terms, as very important reserves, so we should think China could and should have a greater say, greater voice, in the international financial institutions."

Barosso also commended China for taking initiative and proposing discussion on the global cooperation in the upcoming ASEM meetings, which will open in Beijing on Friday.

China is now the second-largest trading partner to the European Union, and the EU is China's largest trading partner. Barosso said the European side is eager to strengthen cooperation with China in order to meet the emerging challenges.

Xiaohua, CRI news.