To effectively manage the relationship between financial innovation and regulation, the real economy and the virtual economy, as well as savings and consumption, is crucial for long-term economic stability. This was a key point highlighted during the press conference of the 7th Asia-Europe Meeting (ASEM) held at the Great Hall of the People on the afternoon of the 25th, following the conclusion of the summit. Premier Wen Jiabao of China, along with leaders such as Sultan Hassanal of Brunei, President Nicolas Sarkozy of France, and President Jose Manuel Barroso of the European Commission, addressed journalists from both China and abroad.
Wen emphasized that this year’s summit took place against the backdrop of the global financial crisis and pressing challenges like energy, food security, environmental issues, natural disasters, and poverty. The discussions centered on dialogue, cooperation, and mutual benefit. Leaders exchanged views on a wide range of topics, including the global economic situation, food security, disaster relief, sustainable development, and cultural exchanges, reaching broad consensus. Three major outcome documents were issued, including the Statement on the International Financial Situation, the Sustainable Development – Beijing Declaration, and the Chairman’s Statement. Several initiatives in the fields of economy, society, culture, and sustainability were also adopted.
The summit was seen as highly significant and productive, with the potential to greatly influence future ASEM cooperation. China expressed its commitment to implementing the outcomes and follow-up actions, strengthening the Asia-Europe partnership, and advancing cooperation in the new phase.
In response to questions about the global financial crisis, Wen outlined three key principles: confidence, cooperation, and responsibility. He stressed the importance of restoring market confidence through decisive measures by all nations, especially developed countries. He also called for stronger international cooperation, noting that no single country can tackle the crisis alone. Responsibility, he said, meant taking action to stabilize financial systems, prevent the crisis from harming the real economy, and ensuring that governments act decisively and transparently.
Wen also discussed China’s approach to managing the crisis, highlighting that while the impact on China has been relatively limited due to its less integrated financial system, the slowdown in the global economy will still affect China. He noted that China had adjusted its macroeconomic policies to focus on maintaining growth while controlling inflation and balancing international payments. Expanding domestic demand, particularly consumer spending, was a key strategy. With a large rural population and regional disparities, there is still significant potential for growth if policies are well-designed.
In addition to financial issues, Wen addressed concerns over food safety, particularly after the "problem milk powder" incident. He acknowledged the government's role in supervision and outlined three steps to improve food safety: holding accountable those responsible, ensuring strict oversight across the entire supply chain, and integrating food safety into the legal framework. The upcoming Food Safety Law, currently under review by the National People’s Congress, would be a critical step in this direction.
Sarkozy, Hassanal, and Barroso praised the summit’s achievements and commended China for its leadership and organization. Overall, the event reflected a strong commitment to multilateral cooperation and shared responsibility in addressing global challenges.
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