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Zeng urges reform cooperation

FORMER Chinese Vice Premier Zeng Peiyan has called for the world to work together to seek reforms in financial supervision, boost economic restructuring and build a green economy.

The financial crisis had revealed deep-rooted imbalances within the traditional economy and the world should focus on solving such issues in the post-crisis era, he said during an interview at the Global Think Tank Summit in Beijing on Saturday.

The international community should jointly improve the global financial supervision system with generally accepted regulatory standards to monitor and intervene on possible systematic risks as early as possible, Zeng said.

The international currency system should be reformed into a steady, foreseeable and diversified one, and it was necessary to set supervision on the financial stability of nations of major reserve currencies, he said.

It would take a long time to carry out global economic restructuring and solve imbalances between consumption and savings, he said, adding that such a move needed efforts from both developed countries and developing ones.

Zeng called on developed countries to help developing ones by improving their external environment for economic development.

Zeng also called for more international cooperation in building a green economy, as developing countries need technical and financial support from developed countries to avoid wasting resources and destroying the environment while seeking economic revival.

The summit, which ended on Saturday, was organized by the China Center for International Economic Exchanges, a non-governmental research and consulting organization created this March, with Zeng as its director.

It attracted more than 900 scholars, experts and business leaders from all over the world, including former President of the European Commission Romano Prodi and former United States Secretary of State Henry Kissinger.


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