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Chinese premier calls for confidence, co-op amid global financial crisis
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08:04, October 29, 2008

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Visiting Chinese Premier Wen Jiabao on Tuesday called for confidence, cooperation and the establishment of a new international financial order in the face of the global financial crisis.

The premier made the appeal in an address at the opening ceremony of the third China-Russia Economic and Trade Summit Forum in Moscow.

Confidence and cooperation are more precious than gold or any currencies in the face of the current crisis, as confidence is the source of strength while cooperation is the effective approach to overcoming the crisis, Wen said.

Wen said that to stabilize the global financial market, developed countries should shoulder their due responsibilities and obligations, and implement more effective polices to stabilize their own markets and the global financial market.

Other countries should adopt appropriate macro-economic policies to stabilize their economies, financial markets and capital markets, he said.

The international community should join hands to boost the development of the world economy and give particular attention to the reduction of the crisis's damages to developing countries, especially to least developed countries, said the Chinese premier.

Wen said that to maintain a stable and relatively rapid development of its economy is the biggest contribution that China, a large developing country with a 1.3 billion population, makes to the world.

With a responsible attitude, China will continue to play an active role and make joint efforts with the rest of the international community to handle global challenges such as the financial crisis, he said.

Citing the old saying "better late than never," the Chinese leader said lessons should be learned from the turbulence.

He appealed for an appropriate handling of the relationship between consumption and saving, between fictitious and real economies and between financial innovation and supervision.

To establish a new international financial order is a pressing matter as required and favored by the current situation, he said.

He suggested that the system of international financial institutions be improved, so that they can effectively play their roles in safeguarding global and regional financial stability and strengthening financial supervision.

Emerging and developing countries should be given a greater right to know, stronger say and more rights to formulate rules in these blocs, Wen said.

He also called for the reform of the global financial supervision mechanism, saying rational and effective financial regulatory standards should be formulated, and a good and effective warning system and a risk-prevention system should be formed.

The supervision on those countries whose currencies make up others' foreign reserves should be boosted in particular, said Wen.

He also appealed for the acceleration of the establishment of a multi-currency international monetary system, noting the roles of various currencies should be brought into play to jointly shore up the world monetary system.

The premier also briefed China's economic situation, saying the Chinese economy is enjoying a basically good momentum of development.

China's national economy has maintained a stable and relatively fast development, with its financial system healthy and stable, the upward trend of prices under control, employment increasing and the food output witnessing a surge for five consecutive years, he said.

And new progress has been scored in China's economic restructuring, energy saving and emission reduction, China's reform and opening-up continues to be deepened, and its social construction that focuses on improving people's livelihood has been enhanced, Wen said.

China's economic development is able to resist risks and enjoys a strong vigor, said the premier.

"We are fully confident about China's economic development and financial stability," he said.

Wen arrived here on Monday for a three-day official visit aimed at strengthening China's strategic partnership with Russia.

He will also visit Kazakhstan and attend the 7th prime ministers' meeting of Shanghai Cooperation Organization member countries in Astana, capital of Kazakhstan.

Source: Xinhua

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