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Vice Premier: China, Britain need to join hands over crisis
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08:53, May 09, 2009

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China's Vice Premier Wang Qishan has said that China and the UK should take even stronger measures jointly to meet challenges and promote early recovery of both our economies and the global economy at a time when the global financial crisis is still spreading and the economy will get worse before it gets better.

Wang made the remarks in an article carried on the Financial Times on Thursday. He is in Brussels for annual trade talks between China and the European Union, its largest trading partner, that started Thursday.

Chinese Vice Premier Wang Qishan (C), Chinese Minister of Commerce Chen Deming (L) and Minister of Finance Xie Xuren attend the Second China-European Union High Level Economic and Trade Dialog at the EU headquarters in Brussels, capital of Belgium, May 7, 2009. (Xinhua/Wu Wei)
The following is the full text of the article titled "China and Britain need to join hands over crisis:

The global financial crisis is still spreading. The world economy is going to get worse before it gets better, and the situation remains serious. China and the UK should take even stronger measures jointly to meet challenges and promote early recovery of both our economies and the global economy.

Since the outbreak of this crisis, our two countries and the rest of the international community have stood side by side and worked closely together. To overcome the current difficulties, it is essential to convert confidence into credit in the market and quickly recover functions of the financial markets. It is important properly to co-ordinate the positions of all sides and to make good use of “both hands”, the government and the market.

It is imperative for countries to co-ordinate macroeconomic policies and for all to adopt stimulus, fiscal and monetary policies. It is vital unequivocally to reject protectionism of all kinds.

China’s huge stimulus package has now produced initial results. There has occurred positive change in our economy and things are better than previously expected.

We will continue the proactive fiscal policy and moderately easy monetary policy to ensure sound and steady growth of our economy, and in so doing contribute to the recovery of the global economy.

In order to prevent a repetition of this financial crisis, China and the UK, as important members of the Group of 20 leading nations, should strengthen co-operation to promote the implementation of the consensus reached at the Washington and London summits.

As regards financial regulation, we should strengthen, on the basis of sovereign rules, co-operation in regulating international private capital flows, financial institutions and markets, financial products and intermediaries. Our regulatory authorities should enhance sharing of information and experience with each other, and improve the efficiency and effectiveness of their information exchange. With due consideration given to economies’ varying stages of development, it is necessary to develop unified and widely acceptable international standards and norms of financial regulation.

It is also important to improve the basic financial system including international accounting standards, valuation of complex financial products, governance structure, the credit rating system and internal risk management.

Concerning financial stability, we should keep exchange rates of major currencies stable through exchange rate policy co-ordination.

We should establish a global financial risk early-warning system as soon as we can. It is important to increase emergency assistance for the hard-hit developing countries, especially the least-developed ones. These countries also need to be given more guidance on how properly to tackle the crisis, with a view to ensuring the attainment of the United Nations Millennium Development Goals, which aim to alleviate extreme poverty.

In terms of reforming the international financial system, with the goal of shaping a new international financial order that is fair, just, inclusive and orderly, we should together call for and promote balanced diversification in the international monetary system to ensure and support its stability. We should advance reform of international financial institutions such as the International Monetary Fund, the World Bank and the Financial Stability Board so as to increase the representation and voices of developing countries and make sure that the decision-making process is transparent, fair and just.

Our two countries have a lot to offer each other and great potential for co-operation in the financial sector. China will continue to open its financial sector in an active, prudent and gradual manner.

We welcome the presence of British financial institutions in China. We also hope that the UK side will provide greater facilitation to Chinese financial institutions wishing to expand business in the UK.

The China-UK relationship is at a new historical starting point. We should make full and best use of the second round of economic and financial talks between our countries to exchange ideas on sustainable development, energy and the environment, trade and investment, the capital markets and social welfare. We should work together to build more common ground and produce more results to promote the continued growth of the comprehensive strategic partnership between our two countries.

Source: Xinhua

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