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President Hu urges intensified efforts to weather financial crisis

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Source: CCTV.com | 10-25-2008 09:00

Special Report:   Global Financial Crisis
Special Report:   The 7th Asia-Europe Meeting

We begin here in Beijing, where leaders from 45 Asian and European countries and organizations have been addressing the global financial meltdown.

Chinese President Hu Jintao delivers a keynote speech "Asia-Europe cooperation best option for win-win progress" at the opening ceremony of the seventh Asia-Europe Meeting (ASEM) summit held in Beijing on Oct. 24, 2008.(Xinhua Photo)
Chinese President Hu Jintao delivers a keynote
speech "Asia-Europe cooperation best option for
win-win progress" at the opening ceremony of
the seventh Asia-Europe Meeting (ASEM) summit
held in Beijing on Oct. 24, 2008.(Xinhua Photo)

At the opening of the 7th ASEM Summit on Friday, President Hu Jintao said it's important for Asia and Europe to intensify their cooperation in order to meet global challenges.

A gathering of leaders from the two continents. They represent half of the world's GDP.

In his keynote speech, President Hu Jintao said Asia and Europe face many challenges in their pursuit of peace and development.

Hu Jintao, Chinese President, said, "The recent financial crisis triggered by the US credit crunch has severely affected the international financial market, the world's economic development and people's lives. It has, therefore, caused global concern. In the face of this global challenge, the international community must intensify strategic coordination and cooperation. And only with strong confidence, concerted and joint efforts can we weather this crisis."

Hu Jintao says China supports the positive measures taken by various countries in response to the financial meltdown. He's hoping they will soon produce the desired results.

As for China, the President says the country has made active efforts to the best of its ability. This includes stabilizing the domestic financial system and increasing liquidity in the financial markets. He promised China will continue to work with the rest of the international community to maintain global financial and economic stability.

Hu Jintao said China can contribute by maintaining domestic economic growth. This is because China is a developing nation with a population of 1.3 billion, and its economy is intertwined with the world. He stressed the country will enhance macro-economic policies alongside changes in the international situation.