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China urges int'l efforts to tackle financial woes

(Xinhua)
Updated: 2008-10-23 09:52

BEIJING -- China on Wednesday proposed all countries work together to seek solutions as dozens of Asian and European leaders will put their heads together here to confront the ongoing world financial crisis.

"In face of global financial crisis, all nations in the world should make concerted efforts," Chinese Vice President Xi Jinping told a gathering of about 800 business executives from Asia and Europe on Wednesday morning.

They were attending the 11th Asia-Europe Business Forum, which, as always, took place prior to the Asia-Europe Meeting (ASEM) summit.

Scheduled for Friday and Saturday, the regional summit will focus on how to respond to the global financial chaos, rather than the earlier planned topics of climate change, sustainable development, among others.

"The countries should seek stronger financial dialogue and coordination, explore new areas for cooperation and promote the reform of international financial institutions so as to withstand the financial risks," Xi said in his key-note speech.

His 20-minute speech put forward proposals on five topics of the business forum, namely the financial security, energy cooperation, small- and medium-sized enterprises(SME), trade and investment facilitation, environment and climate change.

Xi suggested the countries expand paths and modes of development, learn from each other and provide more technical assistance for developing nations.

To ensure the world financial security, Xi said, "It is crucial to strike a balance between innovating financial products and supervising financial institution, establish a financial warning mechanism and carry out substantial financial cooperation."

Stressing energy was a global issue, Xi said Asian and European nations' pragmatic collaboration would help ensure the order of the world international market.

"Under the framework of the ASEM, China would like to work closely with other members on coordinating energy policy, exploring and utilizing as well as the research, development and transfer of energy technology," he said.

Launched in 1996 as an informal dialogue mechanism, the ASEM now includes 45 members, representing more than 50 percent of the world's gross domestic product.

The European side is represented by 27 nations of the European Union and the European Commission. The Asian members count 10 countries of the Association of Southeast Asian Nations (ASEAN), China, Japan, Republic of Korea, India, Pakistan, Mongolia and the ASEAN Secretariat.

Hailing SMEs "an active force" in Asian and European economies, the vice president proposed a stronger partnership between governments and businesses and vowed to create a sound environment for the SMEs.

Xi proposed ASEM members facilitate trade and investment, improve market entry and share more information among themselves.

Xi also reaffirmed China's great attention to the environment and climate change, citing the country's efforts in reducing gas emission and disaster.

"I expect this business forum to provide a platform for businesses in Asia and Europe to build their networks and seek opportunities of cooperation," Xi said.

The three-day business forum will collect suggestions from business executives and submit the report to leaders attending the ASEM summit on Friday.