At a time when the global financial crisis has been spreading, causing severe shocks to global economic growth, the world badly needed a boost to its confidence in finding a solution to the financial meltdown. Fortunately, the 7th Asia-Europe Meeting (ASEM) that concluded Saturday in Beijing has given that boost.
The ASEM, with 45 member countries that represent more than 50 percent of the world's gross domestic product, has made clear Asian and European leaders' determination to stand together to tackle the global financial crisis.
A statement of the 7th ASEM on the international financial situation stressed 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.
The financial crisis triggered by the US sub-prime mortgage crisis has had a serious impact on economic development and people's livelihoods around the globe by now.
Though major central banks' efforts to cut interest rates and increase liquidity have so far saved the global financial market from collapsing, economic activity has fallen back across the world. While a number of developed economies were struggling on the brink of recession, the Chinese economy grew at the slowest pace for four years in the third quarter. As a result, the International Monetary Fund has already sharply cut its forecast for global growth from 5 percent last year to 3.9 percent in 2008 and 3 percent in 2009.
Many countries have made their own efforts and achieved some results in addressing the financial turmoil. But the increasingly gloomy global growth prospect shows that such efforts are simply not enough and more joint endeavors are badly needed.
A key message that the ASEM has driven home is that the international community should continue to strengthen coordination and cooperation and take effective economic and financial measures in a comprehensive way to restore market confidence, stabilize global financial markets and promote global economic growth. That is why participants at the meeting have supported the idea of convening an international summit on November 15 in the United States to address the current crisis and principles of reform of the international financial system.
On China's part, the country has made active efforts to the best of its ability in the belief that a healthy Chinese economy is itself an important contribution to global financial stability and economic development.
More important, the country is resolved to take a responsible attitude and work together with the rest of the world to maintain the stability of global economy.
Clearly, at this crucial moment, only with strong confidence, concerted efforts and shared responsibility can we find a solution to the global challenge confronting all of us.
(China Daily October 27, 2008)
