Financial crisis tops ASEM agenda

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Source: CCTV.com | 10-24-2008 09:09

The 7th summit of the Asia-Europe Meeting is set to kick off tomorrow, and is putting China back in the world spotlight.

With the impact felt painfully in both European and Asian  markets, the current financial turbulence will be at the  top of the agenda.

The gathering comes as a financial tsunami caused by bad debt on Wall Street sweeps across Europe and Asia. Financial issues will undoubtedly be a hot topic.

The Asia-Europe Meeting summit is the highest level forum between governments of Asia and Europe. Now in its 12th year, ASEM has grown from its original 26 member countries to 45.

The organization represents around 60 percent of the world's population and half of its GDP.

Feng Zhongping, research fellow of China Anst. of Contemporary Int'l Relations, said, "The most typical characteristic of the Asia-Europe meeting is the full-scale cooperation. ASEM enhances cooperation in three key aspects -- political dialogue, trade development and cultural exchange. Everything benefiting both Asia and Europe can be done."

Urgent global issues such as the food crisis, climate change, and energy cooperation are on the agenda. And with the impact felt painfully in both European and Asian markets, the current financial turbulence will be at the top.

Feng Zhongping said, "This year, the financial crisis will be a major topic at the summit. We can possibly expect the release of a Beijing Declaration. It may mention the common understanding of the two continents on the financial crisis and what to do next, such as the next month's global financial summit. European leaders can be expected to put forward some solutions like reforming the world financial system, and will try to get China and India's support."

Both French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso have made clear their intentions at the conference. They hope to convince powerful Asian nations to take part in next month's global summit on the financial crisis.

During the 1997 Asian financial crisis, China played a vital role in helping its neighbors. Today, many are hoping that China will extend a helping hand to the entire world. The commitment China will make at the summit is a matter of global concern.

Editor:Zhang Ning