Wen talks finance with UK's Brown

Source: Xinhua/Shanghai Daily  |   2008-10-15  |     NEWSPAPER EDITION

CHINESE Premier Wen Jiabao, in an exchange of views yesterday with British Prime Minister Gordon Brown, praised the measures countries such as Britain have taken to resolve the global international crisis.

He noted that the Chinese financial industry has opened to the outside world in recent years and that Chinese participation in international markets has increased.

The long-term reforms have strengthened the risk-management capabilities of Chinese financial institutions, and the global crisis has had limited, controllable effects on China, Wen said.

He added that China is confident it can safeguard the stability of its domestic financial markets.

China will pursue "flexible and cautious macroeconomic policies to maintain stability in the economy and finance and capital markets, which will contribute a lot to the world markets," he said.

Brown said the international community should make joint efforts to avoid a global recession.

The international community should reach an agreement to remedy the weaknesses in the current global financial system and enhance supervision of the banking system, transnational corporations and financial institutions, he said.

The global financial turmoil will be among the key issues discussed by Asian and European leaders during a regional meeting in Beijing next week, a senior Chinese official said yesterday. The October 24-25 talks will bring together the leaders and representatives from 17 Asian countries and 27 European nations.