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Wen: Nations must coordinate policies

(Shanghai Daily)

08:28, August 10, 2011

Beijing--Chinese Premier Wen Jiabao yesterday urged nations to work together to stabilize turbulent financial markets as global stocks swooned on fears the world economy is headed for a downturn.

Speaking at a Cabinet meeting, Wen called on "relevant" countries to implement responsible monetary policy and rein in fiscal deficits.

His remarks marked the first public comment from China on the rout in global markets in the past week following a downgrade of the US sovereign credit rating.

"The global community should improve the communication and coordination of their macroeconomic policies to realize sustainable, stable and balanced growth in the world economy," he said.

"Currently, global financial markets are highly turbulent and uncertainties are marring a world economic recovery."

Wen said China's economy was still growing solidly, but noted the need to guard against rising risks.

"We should try our best to curb price rises and maintain steady and relatively fast economic growth," he said. "We should properly handle the balance between managing inflationary pressures, maintaining economic growth and adjusting the economic structure."

Wen's remarks came just hours after statistics data showed inflation hugging a three-year high of 6.5 percent in July as growth in factory output cooled to 14 percent.

"China's economy continues to maintain the good growth momentum and the macroeconomic policies are showing positive effect," he said.

Fears that the global economy may slip into another recession pummelled world stocks for 10 consecutive days, but Europe and the US rebounded yesterday on hopes of easing monetary policy.

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