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ASEM meeting concluded with consensus on crisis

(Xinhua)
Updated: 2008-10-26 08:51

BEIJING - The two-day 7th Asia-Europe Meeting (ASEM) was concluded here Saturday with participants reaching consensus on global financial crisis and other issues.

The two-day 7th Asia-Europe Meeting (ASEM) was concluded at the Great Hall of the People in Beijing on Oct. 25, 2008. [Xinhua]

The meeting, attended by leaders and representatives from 45 Asian and European nations and organizations, realized its expected goal and was a great success, Chinese Premier Wen Jiabao said in a closing speech.

As one of the most fruitful achievements, a statement of the 7th ASEM on the international financial situation was adopted at the meeting.

"Leaders believed that authorities of all countries should demonstrate vision and resolution and take firm, decisive and effective measures in a responsible and timely manner to rise to the challenge of the financial crisis," said the statement.

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The international community should continue to strengthen coordination and cooperation and take effective and available economic and financial measures in a comprehensive way to restore market confidence, stabilize global financial markets and promote global economic growth, it said.

According to the document, leaders supported the convening of an international summit on November 15 in the United States to address the current crisis and principles of reform of the international financial system.

The summit also adopted a declaration on sustainable development.

"The adoption of various cooperation proposals shows and proves again the interior impetus for strengthening dialogue at the ASEM and great potential for extending cooperation," Wen said.

China's President Hu Jintao and Premier Wen Jiabao pose with other members representing Asian and European countries for a group photo in the Great Hall of the People in Beijing October 24, 2008. [Agencies]

Amid the global financial turmoil, the ASEM has been widely regarded as an opportunity for Asian and European leaders to find a solution.

French President Nicholas Sarkozy called the meeting very "helpful" for Asia and Europe to tackle the global financial crisis and build up common cause.

"We had discussed nearly all of the topics concerned by the two continents including the most difficult issues," he said at a press conference at the end of the meeting.

Premier Wen told the press conference the need of confidence, cooperation and responsibility to find a solution to the global financial meltdown.

"We are glad to see that many countries have made their efforts and achieved some results. But it is not enough as we now see it, and more endeavors are needed," said Wen.

All countries, especially developed ones, should take measures as soon as possible to stabilize the financial market and build public confidence, he said.

Financial innovation could help develop the economy, but financial supervision is even more important for the security of the financial system, he added.

The premier also declared that China would actively attend the November15 financial summit.