A coordinated global response is needed to reform the international financial system in order to overcome the economic downturn, and China's role is crucial in the process, European Commission President Jose Manuel Barroso said yesterday.

"The handling of the (global financial) crisis has demonstrated that we need more and better long-term coordination to ensure transparency and confidence in the market," he said. Barroso is in Beijing to attend the two-day 7th Asia-Europe Meeting (ASEM), which begins today.

"Apart from national responsibilities, we also have to improve the regional supervision capability and the global system," he said while addressing the National School of Administration (NSA).