Premier Wen calls for serious reflection on existing economic systems, theories

Source: Xinhua | 02-03-2009 08:15

CAMBRIDGE, Britain, Feb. 2 (Xinhua) -- Chinese Premier Wen Jiabao on Monday called for serious reflection on existing economic systems and theories in the face of the current financial crisis.

The international financial crisis "fully demonstrates that a totally unregulated market economy cannot work," Wen said. "We must strike a balance between financial innovation and regulation, between the financial sector and real economy and between savings and consumption."

The premier also reiterated the role of morality in effectively dealing with the crisis.

In his view, the loss of morality is an "underlying" cause for the current crisis.

"Some people have sacrificed principle and sought profits at the expense of public interests. They have crossed the moral baseline," he said.

Wen urged all enterprises to take up their social responsibilities, saying that "within the body of every businessman should flow the blood of morality."

Editor:Liu Anqi