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Global financial chaos tops agenda of seminar ahead of Asia-Europe summit

(Xinhua)
Updated: 2008-10-17 21:16

BEIJING - The spreading global financial turmoil was the subject of heated debate among experts and officials from Asian and European countries at a seminar on Friday, ahead of the seventh Asia-Europe Meeting (ASEM) to be held in Beijing next week.

The two-day seminar, held by the Singapore-based Asia-Europe Foundation(ASEF), kicked off here with about 60 participants from Asian and European countries. They discussed the global financial crisis, food and environmental security and energy issue.

"We have to act together to ensure the safety of our financial markets," said Herve Ladsous, the French ambassador to China, in his keynote speech. "The international financial system should be reformed and practice improved."

"When people from different sectors are brought together, some good ideas may come up," said ASEF official Sol Dorotea Iglesias. "We expect innovative solutions that can work in practical terms."

Wang Xuexian, a Chinese Foreign Ministry senior official, listed three things his country could do to cope with the financial crisis. "We should improve the public confidence of our economy, maintain domestic economic stability and participate in international cooperation."

"This is an informal dialogue but, through talks, we can reach a common understanding and coordinate our efforts," said Wang, also an ASEM senior official.

The seminar will produce a report on the dialogue and recommendations on Sunday and send it to ASEM members for reference, according to the ASEF.

"Ahead of the ASEM Summit, we think it's necessary to provide the intellectual space for officials, business leaders, leaders of civil groups and experts to discuss common issues," said Dorotea Iglesias.

Established in 1997 by ASEM, the ASEF has been conducting intellectual, cultural and people-to-people exchange programs to help enhance contact between Asia and Europe.

The ASEM summit is on October 24 and 25.

Chinese Foreign Minister Yang Jiechi said on Thursday the global financial crisis would be the first priority of the summit among other issues.

The 45-member ASEM, established in 1996, is a high-level forum between governments of Asia and Europe. It aims at creating better conditions for cooperation between the two continents through dialogue and mutual understanding.