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Confidence vital to weather crisis

(China Daily/Xinhua/Agencies)
Updated: 2008-10-25 10:47

Confidence and concerted efforts are what the international community needs now to counter the ongoing financial crisis, President Hu Jintao said on Friday.

President Hu Jintao and his French counterpart Nicolas Sarkozy lead other members representing Asian and European countries into the Great Hall of the People in Beijing for the Asia-Europe Meeting group photo on Friday. [China Daily]

He made the remarks while addressing the opening ceremony of the Asia-Europe Meeting (ASEM).

Hu said the financial crisis triggered by the US subprime mortgage crisis had had a serious impact on economic development and people's livelihoods around the globe.

"At this crucial moment, confidence is more important than anything else. Only with strong confidence and concerted efforts can we weather the crisis," he said, calling for better coordination among nations.

China appreciates and supports the positive measures taken by relevant countries in response to the financial crisis, he said.

"We hope those measures will produce the desired results soon."

On China's part, Hu said the country has made active efforts to the best of its ability, citing recent measures to stabilize the country's domestic financial system and increase liquidity in the financial markets.

"A healthy Chinese economy is itself an important contribution to global financial stability and economic development," he said.

The country will take a responsible attitude and work together with the rest of the world to maintain the stability of global economy, he said.

Beijing is hosting the summit of 45 European and Asian countries to discuss the global downturn, climate change and international security.

The leaders' meeting came at the end of another volatile week in world markets, with China's benchmark stock exchange ending at its lowest level for two years and its commodities markets battered by heavy selling.

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