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China, Britain issue joint statement on closer co-op amid int'l financial crisis
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08:01, February 03, 2009

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China and Britain on Monday issued a joint statement, agreeing to strengthen cooperation and actively deal with the international financial crisis.

As two of the world's leading economies, China and Britain are crucial players in addressing the unstable economic climate, according to the joint statement issued after talks between visiting Chinese Premier Wen Jiabao and British Prime Minister Gordon Brown.

"We reaffirm our determination to develop still further our comprehensive strategic partnership, based on the principles of mutual respect, equality and mutual benefit, in order to support domestic economic growth, prosperity and stability, to tackle the international challenges we face, to foster a global recovery from the current economic crisis, and to pursue sustainable and harmonious development," the statement said.

On China-EU relations, both sides agreed that maintaining the steady development of bilateral ties is essential in the current complicated global political and economic environment.

"We agree to make concerted efforts to promote the comprehensive strategic partnership between China and the EU," the statement said.

The two sides said the global economy, buffeted by a series of major financial shocks unprecedented in scale and scope, is now facing its worst crisis in generations.

"This is a truly global crisis that can only be effectively resolved through global cooperation," the statement said.

Both sides reaffirmed to implement the declaration of the Washington international financial summit last November, calling the forthcoming London Summit "a vital opportunity" that the world must seize.

The two leaders discussed how to work with other world leaders so as to ensure the London Summit can deliver the outcomes necessary to stabilize the world economy, preserve openness, and set the course for a sustainable recovery, securing growth and jobs domestically and globally.

Both sides also vowed to take "necessary policy actions to foster sustainable international growth" and provide jobs.

Wen and Brown agreed to continue close cooperation on improving the regulation, transparency and integrity of financial markets, with a view to strengthening the healthy functioning of the financial system while safeguarding stability.

The two sides reconfirmed their commitment to open markets and free trade, agreeing that "narrow short-term protectionist policies, through trade and investment barriers or competitive currency devaluations, would only serve to deepen the global recession."

Both sides also called for the "early, comprehensive and balanced" resolution of the Doha development round of trade negotiations.

In addition, the two nations share a vision for "more effective, representative and credible international financial institutions" that can best work with the international community to deliver a strong and stable global economy and increased global prosperity.

Emerging and developing economies should have greater voice and representation in these institutions, the statement said.

The two sides also called for effective multilateral surveillance and early warning mechanisms to help guard against future crises and support those countries that have lost access to international capital markets.

They recognized the urgent need to take practical measures to minimize the grave impact of the financial crisis on developing countries.

Both sides believe that the international community should work together to conduct effective and comprehensive reform of the international financial system, working on the basis of full consultation among all stakeholders.

Both sides reiterated to expand membership of the Financial Stability Forum (FSF), an advisory body of the Group of Seven leading economies, to take in China and other major emerging market economies before the London Summit.

According to the statement, one important vehicle to enhance the bilateral cooperation is the new High Level Economic and Financial Dialogue between Chinese Vice Premier Wang Qishan and British Chancellor Alistair Darling.

The two nations agreed to hold the second round of the High Level Dialogue at a mutually agreed time in 2009, and will continue to make full use of this mechanism to strengthen cooperation on a wide range of economic and financial policies, critical to financial stability and sustainable economic development worldwide.

Wen arrived in London Saturday for a three-day official visit. Britain is the last leg of his week-long European tour, which began Tuesday and has already taken him to Switzerland, Germany, the European Union headquarters in Brussels and Spain.

Source: Xinhua

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