European Commission President Barroso highlighted China's role in the "major reform on the international financial system" during his visit to Beijing where he would attend the 7th ASEM Summit.
He also called for continuous openness based on the rules agreed by all market players around the world.
At the speech delivered at China's National School of Administration where Chinese officials from the county-level to the ministerial level are trained, Mr. Barroso repeatedly stressed that China's contribution to that major reform and to the world economic activity is "crucial".
"China could and should have a greater say in the international financial system," he said in his response in the Q&A section after his speech.
At his press conference on Oct. 23, he said the 7th ASEM "could not be more timely" to find a global solution to the global problem of financial crisis as Asia and Europe represented 50 percent of the world GDP, 60 percent of world population and 60 percent of global trade.
He hopes that Asian countries, particularly China and India, to participate in the "major reform" on the current financial supervision and regulation model "at international level". He insisted that the reform should be based on the principle of "transparency, responsibility, cross-border supervision and global governance".
The European Union expects China would attend the proposed financial summit in Washington in mid-November and those principles would be set at that summit. The Foreign Ministry of China declared that China was considering the invitation.
Meanwhile, Mr. Barroso warned against possible risks of increasing protectionism in some markets in the process of dealing with the financial crisis. Protectionism, he declared, is a "really big mistake for all of us". The right solution to the financial crisis is to "remain open", which underlines the importance of re-launching the Doha round".
Mr. Barroso recognized that the real economy in Europe has already been affected by the financial crisis. The EU Summit held on Oct. 15 in Brussels has decided to take actions to stimulate jobs. Mr. Barroso declared that a proposal would be presented soon which would include emergency measures with 1800 billion USD guarantees and loans for the banking sector, global governance proposal with Asian countries --- particularly China --- as partners, and proposal for sustainable growth in the world.
The global economic imbalance should also be addressed. Mr. Barroso thinks that imbalance is the "root" of the financial crisis. "The eye of the storm", he said, is in the United States, but it then spread and emerging economies like China also feels the "ripple effects".
Mr. Barroso described the EU-China relations as "good and dynamic". "We on the European side are eager to strengthen our cooperation with China in order to meet the challenges of tomorrow," he concluded in his speech.
By People's Daily Online
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