Chinese Premier Wen Jiabao speaks at a press conference at the end of the 7th Asia-Europe Meeting (ASEM) in Beijing, Oct. 25, 2008. Confidence, cooperation and responsibility are the keys to finding a solution to the global financial meltdown, Chinese Premier Wen Jiabao said here on Saturday. (Xinhua Photo)

“Confidence is the source of our strength to overcome difficulties,” Wen said at a press conference at the end of the 7th Asia-Europe Meeting (ASEM).

All countries, especially developed ones, should take measures as soon as possible to stabilize the financial market and build public confidence, he said, adding that Asian and European leaders should attach higher importance to cooperating and coordinating a response.

The premier said the current meeting and the upcoming international financial summit in Washington reflected the cooperative attitude leaders held concerning the issue. Wen declared that China would actively attend the G20 summit slated for Nov. 15.

“Lessons should be learned from the financial crisis and the responsibilities should be clarified for governments, companies and supervisors respectively.”

According to Wen, it is important to properly balance financial innovation and financial supervision.

He noted that financial innovation could help develop the economy, but supervision is vital for the security of the financial system.

A normal, balanced and harmonious relationship between consumption and saving, or accumulation of wealth, he added, should be maintained in order to ensure economic stability.

He stressed that no effort should be spared to prevent the financial crisis from hindering real economic growth.

“It demands all governments carry out their duty firmly, bravely and responsibly,” said Wen.

He admitted that China’s economy had been affected by the struggling world economy, in particular a reduced demand for Chinese made goods. Wen said, measures aimed at ensuring stable economic growth and stimulating domestic consumption had had some effects.

Food safety

Asked how the country would restore overseas confidence in China’s cooking safety after the recent tainted milk scandal, the premier said the country would ensure “effective and forceful” supervision on the production, transportation and processing of food.

“We will gain the trust of the Chinese and people in the world via our behaviors and quality of our products,” he said.

China’s top legislature began reviewing a draft law on food safety earlier this week, which sets stricter food quality standards and demands greater government responsibility, Wen added.

“The Chinese government attaches great importance to food safety because it is not only in the interest of the Chinese but also people around the world,” he said.”In the future, our food safety criteria will not only meet the international standard but also the standards of the importer of our products.”

The press conference was attended by leaders of this ASEM’s four coordinators, including China, the European Commission, Brunei and France.

Premier Wen described the two-day meeting as “very meaningful and fruitful” with the release of a statement on the international financial situation, a Beijing declaration on sustainable development and a chairman’s statement.

The summit, which brought leaders and representatives from 45 Asian and European nations and organizations together, was focused on energy, climate change, food security, sustainable development and the current global financial crisis.

European Commission President Jose Manuel Barroso confirmed that discussions over the past two days were effective. There were some different opinions, but all the leaders tried to find common ground, which reflected the nature of being highly cooperative, he said.

Calling the summit very “helpful” for Asia and Europe to tackle the global financial crisis and build up a common cause, French President Nicholas Sarkozy welcomed China’s decision to attend the Washington summit, saying he and some other leaders expected concrete measures would be made at the meeting.

VietNamNet/Xinhuanet