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Wen calls for global financial regulation

(Xinhua)
Updated: 2008-10-25 19:40

Chinese Premier Wen Jiabao highlighted the importance of financial supervision in the face of the current international economic crisis in Beijing on Saturday.

He said at a press conference of the seventh Asia-Europe Meeting (ASEM) that financial innovation could help develop the economy, but financial supervision is even more important for the security of the financial system.

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"Lessons should be learned from the financial crisis, and the responsibilities should be clarified for governments, companies and supervision respectively," said Wen.

He emphasized that the development of fictitious economy should be balanced with the real economy, so as to prevent the problem of the fictitious economy from affecting the real economy.

A normal, balanced and harmonious relation between consumption and saving, or accumulation of wealth, should be maintained in order to ensure economic stability, said Wen.

Cooperation and coordination would give us power to overcome the difficulties, said Wen, urging Asian and European leaders to attach higher importance to this issue.

The current meeting and the upcoming international financial summit showed the cooperation attitude the leaders held concerning the issue, said Wen.

The heads of 20 developed and emerging countries would gather in Washington on November 15 to review the whole global financial structure.

Wen urged all countries, especially developed countries, to take resolute measures to stabilize financial market as soon as possible, so as to redeem people's confidence.

"We are glad to see that many countries has made their efforts and achieved some results. But it is not enough as we now see it, and more endeavors are needed," said Wen.

The most important thing at the moment is to stabilize the financial order, to curb and guard against the financial risk, said Wen, adding that no effort should be spared to prevent the financial crisis from hindering real economic growth.

"It demanded that all governments carry out their duty firmly, bravely and responsibly," said Wen.