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China urges efficient measures against financial crisis

(Xinhua)
Updated: 2008-11-07 11:48

China on Thursday urged the 21 member economies of the Asia-Pacific Economic Cooperation (APEC) to take efficient measures to counteract the global financial crisis amid inflation and recession concerns in the region.

Chinese Vice Finance Minister Li Yong made the call to the finance ministers attending the APEC Ministerial Meeting of Finances in the northwestern Peruvian city of Trujillo.

Li called on the developed economies to accept their responsibilities and fulfill their obligations to mitigate the impact of the financial crisis that is threatening to spread around the world.

The emerging economies should also take efficient measures to strengthen their financial systems, keep their economies and finances stable and promote their capital markets in a transparent and secure manner, Li said.

The Chinese government holds a strong position on its macroeconomic monitoring with solid economic and financial policies to avoid potential "damages" caused by the global financial meltdown, Li said.

The crisis may have its strongest impact in the upcoming months before strong signs of regional and world recovery become visible, Li noted.

Li suggested the APEC economies seek new mechanisms to control economic and financial risks and boost investments.

The economies should improve living conditions and avoid an increase in poverty by generating employment, Li said.

The two-day APEC Ministerial Meeting of Finances, which ended on Thursday, is expected to pave the way for the APEC summit on November 22-23 in Lima.

During the summit, themed on "A new commitment to Asia-Pacific development," the leaders will discuss such issues as the world financial crisis, the Doha Round of negotiations at the World Trade Organization and food and energy security.