ASEM7 urges efforts against financial turmoil

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Source: CCTV.com | 10-27-2008 09:10

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

After two days of negotiations, the 7th Asia-Europe Meeting Summit concluded in the capital city on Saturday. Leaders from 45 Asian and European countries discussed the global financial crisis and the need for joint action.

Leaders from 45 Asian and European countries discussed the  global financial crisis and the need for joint action.

This gathering of the Asia-Europe Meeting was perhaps more important than any that had gone before, with urgent action needed to counter the global financial crisis.

Chinese President Hu Jintao said, "The recent financial crisis triggered by the US credit crunch has severely affected the international market, the world's economic development and people's lives. It has, therefore, caused global concern."

China has stepped up efforts to stabilize the domestic financial system and is now urging broader cooperation to deal with the global crisis.

Chinese President Hu Jintao said, "In the face of the 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."

The global financial crisis remained the top theme throughout the two day summit, with intensive multilateral and bilateral exchanges.

Asian and European leaders reached consensus to take swift measures to promote global economic growth through cooperation.

Chinese Premier Wen Jiabao said, "They will help step up information sharing, strengthen market confidence, stabilize financial status and improve supervision mechanism. The outcome will provide a solid safeguard for achieving stable and healthy development of the Asian, European and world economies."

The ASEM members also pledged to work together on other global issues such as food safety and climate change.

The gathering of leaders whose countries represent half of the world's GDP was considered to be productive, and paved the way for the international summit next month in Washington.

 

Editor:Zhang Ning