Wen warns of fallouts from fiscal crisis
Source: Xinhua |
May 14, 2010, Friday
|
Print Edition
Print Edition
PREMIER Wen Jiabao said yesterday that the complications of the global economic meltdown, with deepening sovereign debt crises in some nations, should not be underestimated.
Wen made the remarks at the opening ceremony of the fourth Ministerial Meeting of the China-Arab Cooperation Forum held in the north Chinese port city of Tianjin.
"We should never underestimate the seriousness and complication of the financial crisis and its deep impact on international politics and the economy," Wen said.
The global economy was slowly recovering, but its foundation was not solid, he said.
Wen blamed the fragile recovery on deepening sovereign debt crises in some countries, high unemployment rates in major economies, high commodities prices and rising trade protectionism.
The international governing system required in-depth reforms and the global economic structure needed transformation, he said.
Wen said reforms of international economic and financial systems should be pushed forward and the establishment of a new just and reasonable global economic and financial order should be accelerated.
"We should improve the decision-making processes and mechanisms at international financial institutions and boost cooperation in international financial supervision," he said.
While calling for opposition to all forms of protectionism and support for free trade, Wen said: "It is imperative to advance the Doha Round talks of the World Trade Organization toward achieving reasonable and balanced results as soon as possible."
He urged major economies to transform the economic growth pattern of low savings and high consumption and to strengthen financial supervision to curb excessive speculation.
Wen made the remarks at the opening ceremony of the fourth Ministerial Meeting of the China-Arab Cooperation Forum held in the north Chinese port city of Tianjin.
"We should never underestimate the seriousness and complication of the financial crisis and its deep impact on international politics and the economy," Wen said.
The global economy was slowly recovering, but its foundation was not solid, he said.
Wen blamed the fragile recovery on deepening sovereign debt crises in some countries, high unemployment rates in major economies, high commodities prices and rising trade protectionism.
The international governing system required in-depth reforms and the global economic structure needed transformation, he said.
Wen said reforms of international economic and financial systems should be pushed forward and the establishment of a new just and reasonable global economic and financial order should be accelerated.
"We should improve the decision-making processes and mechanisms at international financial institutions and boost cooperation in international financial supervision," he said.
While calling for opposition to all forms of protectionism and support for free trade, Wen said: "It is imperative to advance the Doha Round talks of the World Trade Organization toward achieving reasonable and balanced results as soon as possible."
He urged major economies to transform the economic growth pattern of low savings and high consumption and to strengthen financial supervision to curb excessive speculation.
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