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Wen calls for further Asia-Europe coop
(Xinhua)
Updated: 2005-06-26 10:08

Chinese Premier Wen Jiabao Sundayput forward a five-point suggestion to further Asia-Europefinancial cooperation at the opening ceremony of the Sixth ASEM Finance Ministers' Meeting (FMM).

Wen firstly suggested Asian and European nations strengthendialogue and coordination on macro-economic policies, saying it is of great importance for Asian and European countries to regularlyexchange economic and policy information through increaseddialogue, communication and equal-footed consultation to jointlydeal with risks and challenges facing the world economy.

"To promote sustainable and steady development of the worldeconomy, we need to pool our efforts and adopt responsible macro- economic policies to maintain the stability of the major reservecurrencies, curb big fluctuations in oil prices and prevent therise of trade protectionism in all forms," he said.

"The Chinese government proposes to establish an ASEMContingency Dialogue Mechanism for Emergent Economic and Financial Events within the framework of the ASEM FMM for the purpose ofsafeguarding economic and financial security," he said.

Secondly, Wen urged countries of the two continents to increase exchanges on development experience.

"We should have in-depth discussions on development paths andstrategies and increase exchanges to share experience in regionalintegration and success stories in macro-economic regulations andrestructuring under open conditions," the premier said.

Later this year, China and United Kingdom will co-sponsor aFiscal Policy and Public Debts Forum within the framework of theASEM FMM.

"All the finance ministers of Asian and European countries andmembers of their financial communities are most welcome to takepart in this Forum," Wen said.

Thirdly, Wen said he hoped Asian and European nations woulddeepen substantive cooperation in fiscal and financial sector.

Asian and European countries should actively explore andadvance fiscal and financial cooperation between the twocontinents to develop the Asian regional bond market and supportthe role of the euro in maintaining international financialstability and promoting development, so as to enhance theinternational standing of Asia and Europe in the monetary andfinancial field.

"We should also give full scope to the positive role of theASEM Trust Fund in assisting the underdeveloped members of ASEM in their financial reforms," he said.

Fourthly, the Chinese premier suggests Asia and Europestrengthen technical assistance and financial capacity building.

He said, "Given the uneven development between Asian andEuropean countries, we should render greater support to the poorcountries in the region through vigorous technical assistance soas to promote the realization of UN Millennium Development Goals."

Lastly, Wen suggests Asian and European nations foster anenvironment for win-win international economic cooperation.

"We should, through our coordination and cooperation, promotethe international community to pay more attention to the interests of the vast number of developing countries by way of substantially writing off their debts, increasing development aid and speedingup technology transfer."

"We should also facilitate the reform of the internationalfinancial and trade systems, promote an early conclusion of theWTO Doha round negotiations and call for innovative thinking ininternational development so as to establish a sound newinternational economic order," the premier said.

The Sixth ASEM-FMM, themed to "promote closer Asia-Europeeconomic and financial cooperation," attracted more than 200participants from 13 Asian countries, 25 European nations and theEuropean Commission, and representatives from internationalfinancial institutions such as the World Bank and theInternational Monetary Fund.

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