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BFA secretary-general: Asia to take lead in crisis recovery
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15:21, April 17, 2009

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China and some Asian emerging economies will take the lead in rebounding from the economic crisis, said Long Yongtu, secretary-general of Boao Forum for Asia (BFA).

The financial crisis did little harm to the financial systems of Asian countries, different from the financial crisis in 1997 which had caused destructive impact on some Asian countries, he said in an interview with Xinhua on Friday.

"The emerging market stands for the future of world economy," he said, adding that the growth of emerging economies like China, Brazil, Russia and India, among others, are of critical importance to the growth of global economy.

He noted that the greatest challenge for Asia is to maintain financial and economic stability, as the governments shall not make decreasing external demand bring much harm to their businesses, otherwise it will lead to serious unemployment problems.

The financial crisis will promote regional integration of Asia, he said. Under great pressure, Asian countries are more enthusiastic about cooperation and will cast away conflicts in the course of cooperation and economic integration.

The financial crisis will also be a great opportunity for establishing more balanced financial relations between East and West, Long said.

The planned joint foreign exchange reserves by China, Japan, the Republic of Korea and ASEAN countries will enhance the cooperation in regional economy, especially in financial field, he said.

Many Asian economies are comparatively stable in finance with abundant foreign exchange reserves, which are becoming more important and decisive in the global financial system, while Western countries are becoming more financially dependent on Asia, Long said.

Source: Xinhua

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