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Unite to fight financial crisis - Premier Wen

(China Daily)
Updated: 2008-09-26 07:10

China is ready to enhance cooperation with the United States and hopes that countries worldwide will unite to maintain stability of the global financial market, Premier Wen Jiabao has said. [click to read Wen's speech]

"The ongoing financial volatility has affected many countries and its impact is likely to become more serious," Wen said at a meeting in New York with members of the US economic and financial sector on Wednesday. "To tackle the challenge, we must all make concerted efforts."

Chinese Premier Wen Jia Bao applauds after his remarks at the High-Level event on the Millennium Development Goals at UN headquarters in New York, September 25, 2008. [Agencies]

The US sub-prime crisis has triggered turmoil on the international financial market and the US government and financial circles have taken a series of measures to stabilize the domestic market, Wen said, adding that he hoped these measures would yield positive results soon.

China, in turn, will make timely adjustments to its policies in accordance with the changed economic situation, in efforts to maintain stability of its macroeconomy and domestic financial market, Wen said.

It is of "great importance" that China and the US strengthen dialogue and cooperation, to promote mutual trust at a time when the global economy faces a host of challenges, the Chinese premier said.

"As a permanent member of the UN Security Council, China will, as always, play a constructive role in resolving international hot issues and regional conflict," he said.

During the discussion, participants from US business circles also called for closer international cooperation in coping with the current financial crisis, adding that China is a stabilizing factor for the global economy and financial system.

The stable and fairly fast growth in China's economy constitutes an important contribution to the world and the healthy development of China-US trade and economic ties conforms to the interests of both countries and the whole world, they said.

While the rapid development of China-US economic and trade ties has brought huge benefits to both sides and helped boost global economic growth, Wen said that China hopes the US will recognize its full market economy status and relax controls on hi-tech exports to China, so as to solve the China-US trade imbalance in a fundamental way.

To that effect, China is ready to expand cooperation with the US side in such fields as investment, energy, environmental protection and climate change, and work together to combat any form of trade protectionism, he said.

Bilateral meetings

Premier Wen also held a series of bilateral meetings with other leaders on Wednesday.

During his meeting with British Prime Minister Gordon Brown, Wen focused on the international community's aid to Africa.

In the meeting with India's Prime Minister Manmohan Singh, both leaders stressed the importance of further developing bilateral ties and cooperation.

The Chinese premier also held meetings with Lebanese President Michel Suleiman, Colombian President Alvaro Uribe Velez, Lebanese President Michel Suleiman and Colombian President Alvaro Uribe Velez to discuss bilateral relations.