China´s Wen calls for global financial regulation to maintain economic stability

Source: Xinhua | 10-25-2008 17:51

BEIJING, Oct. 25 (Xinhua) -- Chinese Premier Wen Jiabao highlighted the importance of financial supervision in the face of the current international economic crisis here Saturday.

He made the remarks at the press conference of the seventh Asia-Europe Meeting (ASEM). Financial innovation could help develop the economy, but financial supervision is even more important for the security of the financial system, said Wen.

"Lessons should be learned from the financial crisis, the responsibilities should be clarified for governments, companies and supervision respectively," said Wen.

He emphasized that the development of fictitious economy should be balanced with the real economic growth, so as to prevent the problem of the fictitious economy from affecting the real economy.

A normal, balanced and harmonious relation between consumption and saving, or accumulation of wealth, should be maintained, in order to ensure economic stability, said Wen.

Cooperation and coordination would give us power to overcome the difficulties, said Wen, urging Asian and European leaders to attach higher importance to the issue.

The current meeting and the upcoming international financial summit showed the cooperation attitude the leaders held concerning the issue, said Wen.

The heads of 20 developed and emerging countries would gather in Washington on November 15 to review the whole global financial structure.

Editor:Zhang Pengfei