Friday, May 14, 2010

Beware complications of financial crisis, Premier warns

Updated: 2010-05-13 22:26

China's Premier Wen Jiabao (R) shakes hands with Arab League Secretary General Amr Moussa (C) next to Qatar's Prime Minister Sheikh Hamad Bin Jassim Bin Jabr Al-Thani during the opening ceremony of thTIANJIN - Chinese Premier Wen Jiabao said Thursday that the complication of the glocal financial crisis with deepening sovereign debt crisis 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 deep reforms and the global economic structure needed deep 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 international 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, 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.

China would unswervingly carry out its mutually beneficial opening strategy and unveil more measures to facilitate trade and investment, he said.

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