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Wen calls for restructuring of global system

By Li Xiaokun (China Daily)
Updated: 2008-10-27 11:02

Premier Wen Jiabao has called for new rules to guide the international financial system following Asian and European leaders' call for the International Monetary Fund to step in and play a "critical role" in dealing with the global financial crisis.

"The crisis has fully revealed some defects in the current international financial system The international community has demanded reforms and the establishment of a fair and efficient international financial system," Wen said at the closing ceremony of the Asia-Europe Meeting (ASEM) summit in Beijing on Saturday.

The premier proposed increased participation of developing countries in international financial organizations, strengthening supervision of the international financial system and building a financial assistance system.

Leaders of the summit's 45 members, including 27 European countries, 16 Asian countries and other regional organizations, vowed at the two-day summit to overhaul the global financial system.

"Leaders pledged to undertake effective and comprehensive reform of the international monetary and financial systems," said a statement released on Friday night.

At a press conference after the summit on Saturday, Wen said the Chinese government is well positioned to control the crisis' ripple effects on the national economy.

"We can't deny that international economic change has affected China," he said.

Fortunately, Beijing adjusted its macro-economic policies as early as in June, the premier said. "As long as we adopt the right policies, (I'm sure) the Chinese economy will continue its stable and relatively rapid development."

He also confirmed that China would participate in the crucial Nov 15 summit in Washington DC, which will see leaders of 20 industrialized and emerging nations trying to tackle the financial meltdown.

After the summit, Foreign Minister Yang Jiechi told China Daily that the two-day ASEM summit yielded fruitful results, including three formal statements and a record 17 proposals.