International community is making joint efforts to respond to the financial crisis and to pluck up confidence to tide over the tough times when the crisis is still spreading, and this is of vital importance to the early recovery of world economy. As a responsible big developing nation, China is beefing up cooperation with other nations to cope with the crisis to the best of its ability.

China has taken an active part in the response activities of the International Monetary Fund (IMF) and Multilateral and Bilateral Development Agencies. Following the outbreak of global financial crisis, IMF proposed an overall increase in quota and provision of supplement funds because of the rapid credit growth. China supports its principle of balanced rights and obligations and increased respective capabilities; it explores new, substantial ways to pool funds to compensate for acute shortage; and it regards the increase in share funds as the basic, essential way for the overall quota increase and options to Supplement Fund Resources.

Moreover, China has worked hard and actively to study and review all new credit arrangements proposed by the departments concerned and to support the relevant fund agencies to pool more funds from emerging economies, and it has conducted consultations with these agencies or organizations accordingly.

Meanwhile, some multilateral development organizations have also proposed to China to buy their bonds or to issue RMB (Renminbi) bonds in China, which are now under heated, positive discussions and explorations. To date, the country has bought the bonds issued by the World Bank and other multilateral development organizations; it will continue to pitch in the crisis relief activities for multilateral development agencies.

Increased intensity of difficulties with trade financing in developing countries inflicted by the financial crisis pose a very great negative impact on the external trade of developing countries, and financial outflows from some developing countries have persisted with constraints in their trade finance. So, China has been making concerted efforts alongside the international community to step up cooperation so as to spur the growth of international trade financing.

As a matter of fact, China has actively partaken in the trade financing plan of the World Bank International Finance Corporation (IMC). After repeated technical consultations, the country and IFC have initially agreed to introduce privately-collected bonds in trade financing. And the Export-Import Bank of China has signed with nations concerned a series of trade financing cooperation agreements and bilateral currency swap deals to enhance cooperation and coordination. At the same time, China plays a supportive role in helping regional financial agencies, regional cooperative mechanisms and bilateral cooperation schemes to deal with the crisis situations and undertakes to share the financing pressures of leading global financial agencies or organizations.

Against a backdrop of spreading global financial crisis, the Asian Development Bank (ADB), as the biggest multilateral development organization in the region, should timely release more funds and raise its capacity to grant emergency aid to the crisis-plagued countries. China endorses a marked increase in the availability of funds allocated by ADB and further simplification of procedures, so as to help the crisis-affected countries get out of their predicament as quickly as possible.

Furthermore, in order to attain the smooth growth of the regional trade, China is willing and ready to cooperate with ADB in the trade and financial spheres in an endeavor to help developing countries in the region to resume the normal trade growth, and to ease the impact of financial crisis upon the economy of various regional countries.

In a once-in-a century financial tsunami, China is now exerting its utmost to cooperate with countries worldwide in response to varied risks and challenges and for the win-win outcome in the course of cooperation with an active, accountable and down-to-earth approach.

By People's Daily Online and contributed by senior PD reporter Li Wenyun