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Financial crisis must be 'tackled globally'

By Li Xiang (China Daily)
Updated: 2008-10-24 07:00

A coordinated global response is needed to reform the international financial system in order to overcome the economic downturn, and China's role is crucial in the process, European Commission President Jose Manuel Barroso said Thursday.

President of the EU Commission Jose Manuel Barroso speak during a special press briefing ahead of the ASEM Summit in Beijing, China, Thursday, Oct. 23, 2008. Barroso called Thursday for unprecedented levels of global coordination to deal with the financial meltdown, saying the current oversight model needs to be revamped at the international level. [Agencies]

"The handling of the (global financial) crisis has demonstrated that we need more and better long-term coordination to ensure transparency and confidence in the market," he said. Barroso is in Beijing to attend the two-day 7th Asia-Europe Meeting (ASEM), which begins today.

"Apart from national responsibilities, we also have to improve the regional supervision capability and the global system," he said while addressing the National School of Administration (NSA).

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With heads of state and government of more than 40 countries taking part in the ASEM, it is expected to be a timely and important platform for inter-regional dialogue. Beijing will see the highest number of leaders taking part in the meeting's history.

Addressing more than 400 NSA teachers and students, Barroso said global financial institutions such as the International Monetary Fund need to undergo reform, and China should have a bigger voice in these institutions.

"China is not only an important economic player, but in financial terms it also has very important reserves," he said. "China's contribution to world economic activity is crucial I think China could and should have a greater say in the international financial institutions."

"What we need is to have common rules that provide stability and predictability," Barroso said. "Europe should work together with China to exchange opinion and coordinate our position for a new global financial order."

He urged the international community to remain open minded and spur domestic demand and international trade.

Barroso will hold bilateral meetings with President Hu Jintao and Premier Wen Jiaobao today. "My meetings with President Hu and Premier Wen will provide an excellent opportunity to review our relationship and chart the course for continued strengthening of EU-China relations," he said.